Answer: TRUEDiff: ModerateTopic: FINANCIAL APPLICATIONSLO: 8.4: Formulate and solve LP problems with Excel Solver in finance.AACSB: Analytical thinkingClassification: Concept27) The linear programming objective in a portfolio selection formulation is to maximize return.Answer: TRUEDiff: EasyTopic: FINANCIAL APPLICATIONSLO: 8.4: Formulate and solve LP problems with Excel Solver in finance.AACSB: Analytical thinkingClassification: Concept28) When linear programming is used to solve complex labor planning the objective function is usually the minimization of cost.Answer: TRUEDiff: ModerateTopic: EMPLOYEE SCHEDULING APPLICATIONSLO: 8.3: Formulate and solve LP problems with Excel Solver in the scheduling of employees.AACSB: Analytical thinkingClassification: Concept29) Using linear programming to maximize audience exposure in an advertising campaign is an example of the type of linear programming application known as

30) Which of the following does notrepresent a factor a manager might typically consider when employing linear programming for a production scheduling?Table 8-1A small furniture manufacturer produces tables and chairs. Each product must go through three stages of the manufacturing process: assembly, finishing, and inspection. Each table requires 3 hours of assembly, 2 hours of finishing, and 1 hour of inspection. Each chair requires 2 hours of assembly, 2 hours of finishing, and 1 hour of inspection. The profit per table is $120 while the profit per chair is $80. Currently, each week there are 200 hours of assembly time available, 180 hours of finishing time, and 40 hours of inspection time. Linear programming is to be used to develop a production schedule. Define the variables as follows:T = number of tables produced each weekC = number of chairs produced each week31) According to Table 8-1, which describes a production problem, what would the objective function be?