A studio that makes statues is trying to minimize its costs. Their two primary products are the Liberty and Colossus statues. Each Liberty requires 12 hours of machine time to rough cut the shape and 42 hours of artist time to finish the details. The Colossus requires 36 hours on the machines and 18 hours with the artist's hand. The studio has pre-paid for 144 hours of machine time and 252 hours of artist time, so they want to use at least that much each day. Both use 30 pounds of stone. The studio needs to use at least 300 pounds of stone per day to keep their warehouses from overflowing. If each Liberty incurs costs of eighty- one dollars, and each Colossus is ninety-two dollars, how many statues of each type should the studio make each day? Constraints: 12L + 36C > 144 42L + 18C > 252 30L + 30C > 300 Objective: Costs = 81L + 92C Graph: 20- 19- 18- \ 17 ¥6- 14 13 12 10 9 9. 10 11 12 T3 14 15 16 17 18 19 20 Liberty 3 4 5 6 7 8 Colossus

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.