Furnco manufactures desks and chairs. Each desk uses 4 units of wood, and each chair uses 3. A chair contributes $25 to pront, and a desk contributes $40. Marketing restrictions require that the number of chairs produced be at least twice the number of desks produced. If 20 units of wood are available, formulate an LP to maximize Furnco's profit. Let a be the number of desks produced, and y be the number of chairs produced. Then, the formulation of the problem is maximize z = 40x + 25y Subject to: 3x + 4y0 < 20 y > 2x x >0 y > 0 maximize z = 40x + 25y %3D Subject to: 4x + 3y0 < 20 Y< 2x x > 0

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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.