Final answer:
To maximize monthly profit, the owner should set up a linear programming problem based on the time required for cutting, assembling, and finishing sling, Adirondack, and hammocks. By introducing variables for the number of each type of chair made and applying the time constraints, a solution can be found to determine the optimal number of chairs to produce within the 120-hour monthly work limit.
Step-by-step explanation:
To maximize profit, the owner of Bangs Leisure Chairs needs to determine how many of each type of chair - sling, Adirondack, and hammocks - to produce each month given the time constraints and unit profits for each product. We must take into account the time available, which is 120 hours per month, with no more than 50 hours dedicated to any one activity (cutting, assembling, and finishing). Based on the time each chair takes for each activity, we can set up a linear programming problem to find the optimal production mix.
The time required for each chair is:
- Sling chairs: Cutting - 0.5 hours, Assembling - 0.75 hours, Finishing - 1 hour
- Adirondack chairs: Cutting - 1.5 hours, Assembling - 1 hour, Finishing - 1 hour
- Hammocks: Cutting - 0.4 hours, Assembling - 1.5 hours, Finishing - 1 hour
Let's denote the number of sling chairs, Adirondack chairs, and hammocks produced per month as S, A, and H respectively. The total profit P can be calculated as:
P = 40S + 70A + 80H
The constraints based on the time limitations are:
Cutting time: 0.5S + 1.5A + 0.4H ≤ 50
Assembling time: 0.75S + 1A + 1.5H ≤ 50
Finishing time: 1S + 1A + 1H ≤ 50
The owner should use linear programming methods to solve this problem, which could include graphical methods or the simplex algorithm, to find the values of S, A, and H that maximize profit while staying within the constraints of the available time for each activity.