Productco produces three products. Each product requires labor, lumber, and paint. The resource… 1 answer below »

Productco produces three products. Each product requires labor, lumber, and paint. The resource requirements, unit price, and variable cost (exclusive of labor, lumber, and paint) for each product are given in the file P16_36.xlsx. At present, 900 labor hours, 1550 gallons of paint, and 1600 board feet of lumber are available. Additional labor can be purchased at $6 per hour. Additional paint can be purchased at $2 per gallon. Additional lumber can be purchased at $3 per board foot. For the following two sets of priorities, use goal programming to determine an optimal production schedule. For set 1:

■ Priority 1: Obtain profit of at least $10,500.

■ Priority 2: Purchase no additional labor.

■ Priority 3: Purchase no additional paint.

■ Priority 4: Purchase no additional lumber.

For set 2:

■ Priority 1: Purchase no additional labor.

■ Priority 2: Obtain profit of at least $10,500.

■ Priority 3: Purchase no additional paint.

■ Priority 4: Purchase no additional lumber.