A furniture Company produces tables and chairs. Each table takes four hours of labor from the carpentry department and two hours of labor from the finishing department. Each chair requires three hours of carpentry and one hour of finishing. During the current week, 260 hours of carpentry time are available and 120 hours of finishing time. Each table produced gives a profit of $60 and each chair a profit of $40. How many chairs and tables should be made?
1) Propose an LP formulation for this model
2) Solve this model using the graphical method
3) Solve this model using the simplex method
clearly explain all steps