Final answer:
To maximize income, we need to determine the number of chairs and sofas that should be produced. Using linear programming, the solution is 60 chairs and 4 sofas, resulting in a maximum income of $12,300.
Step-by-step explanation:
To maximize income, we need to determine the number of chairs and sofas that should be produced. Let's use the following variables:
C = number of chairs
S = number of sofas
Now, we can set up the constraints:
20C + 100S ≤ 2000 (constraint for wood)
1C + 50S ≤ 550 (constraint for foam rubber)
2C + 20S ≤ 240 (constraint for fabric)
Next, we can set up the objective function:
Income = 150C + 525S
Using linear programming, we can solve this problem. The solution will give us the number of chairs and sofas that should be produced to maximize income:
Number of chairs (C) = 60
Number of sofas (S) = 4
To find the maximum income, substitute the values of C and S into the objective function:
Maximum Income = 150(60) + 525(4) = $12,300