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Determine the profit maximizing output combination

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A furniture company is producing two types of furniture and wants to determine the profit maximizing output combination. Product A requires 8 board feet of wood and 2 lbs of wicker. Product B requires 6 board feet of wood and 6 lbs of wicker. There are 2000 board feet of wood available for product and 1000 lbs of wicker. Product A earns a profit margin of $30 a unit and Product B earns a profit margin of $40 a unit.

a. Formulate and solve the problem as a linear programming problem. Be sure to provide your results and problem setup.

b. How many units of product A and B would you produce?

c. What would your revenue be with the product combination you specified in part b?

d. xWhich of the two resources (wood or wicker) is fully used? Explain your answer.

e. If you could obtain another unit of wicker how much would you be willing to pay for it? Explain your answer.

f. If you could obtain another unit of wood how much would you be willing to pay for it? Explain your answer.

g. Would your solution change if the price of product B increases to $45 and the price of product A remains at $30? If the solution changes, what is the new solution? If the solution does not change, explain why it would not.

Reference no: EM132806349

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