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Problem: The Pinewood Furniture Company produces chairs and tables from two resources-labor and wood. The company has 80 hours of labor and 36 pounds of wood available each day. Demand for chairs is limited to 6 per day. Each chair requires 8 hours of labor and 2 pounds of wood, whereas a table requires 10 hours of labor and 6 pounds 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.
a. Formulate a linear programming model for this problem.
b. Solve this model by using graphical analysis.
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This question is asking you to compare the likelihood of your getting 4 or more subscribers in a sample of 50 when the probability of a subscription has risen from 0.02 to 0.06.] Talk about the comparison of probabilities in your explanation.
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