Business

 

The Pinewood Furniture Company produces chairs and tables from two resources—-labor and wood. The company has 80 hours of labor and 36 board -ft. of wood available each day. Demand for chairs is limited to 6 per day. Each chair requires 8 hours of labor and 2 board-ft. of wood, whereas a table requires 10 hours of labor and 6 board-ft. of wood. The profit derived from each chair is $400 and from each table $100. The company wants to determine the number of chairs and tables to produce each day in order to maximize profit.

Question:

3 – Find the sensitivity range for the objective function parameters (CH3): On a separate sheet, determine the upper bound and lower bound for the slope of the objective function value for which the optimal solution stays the same. Then, fix one objective function parameter at a time and find the corresponding upper and lower bounds for the other objective function parameter. See the examples in the lecture notes.

4 – Find the sensitivity range for the right-hand-side values of the constraints (CH3):Determine and include the solution mix and configuration in terms of zero and non-zero variables. For each constraint, determine when the configuration of the optimal solution change when you increase and decrease the right-hand-side, and identify these values as the upper and lower bound of the right-side-value of that constraint. Using these bounds and/or the optimal solution, calculate the shadow price for each constraint. Show all your work in detail. See the examples in the lecture notes and the book.

5 – Solve the linear programming model from using Excel Solver (CH3):Use SUMPRODUCT function to enter formulas for the objective function and the constraints (see the examples in the lecture notes). After solving the problem, create the “answers” and “sensitivity” reports.

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