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1. The Hickory Cabinet and Furniture Company makes chairs and tables. The company has developed the following nonlinear programming model to determine the optimal number of chairs (x1) and tables (x2) to produce each day to maximize profit, given a constraint for available mahogany wood.
maximize 280x1 - 6x1^2 + 160x2 ¡ 3x2^2
subject to 20x1 + 10x2 = 800 board feet
x1; x2 > or equal to 0:
Determine the optimal solution to this model.
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The solution offers step by step guidance on how to formulate the problem mathematically. It comprises a solution to problem instance using Excel Solver.
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