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The following questions are based on this problem and accompanying Excel windows.
Jones Furniture Company produces beds and desks for college students. The production process requires carpentry and varnishing. Each bed requires 6 hours of carpentry and 4 hour of varnishing. Each desk requires 4 hours of carpentry and 8 hours of varnishing. There are 36 hours of carpentry time and 40 hours of varnishing time available. Beds generate $30 of profit and desks generate $40 of profit. Demand for desks is limited, so at most 8 will be produced. The LP model for the problem is
-Refer to Exhibit 3.1. Which of the following statements represent the carpentry, varnishing and limited demand for desks constraints?
Time Inconsistency
A situation where a decision-maker's preferences change over time, often leading to a conflict between long-term goals and short-term gratification.
Package Sizes
The dimensions or amount of product contained within a package, affecting consumer choices and inventory management.
Framing Effects
The influence on decision making prompted by the way information is presented, rather than just the information itself.
Self-Serving Bias
The common human tendency to attribute positive events to one's own character but attribute negative events to external factors.
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