The Pinewood Furniture Company produces chairs and tables using two resources – labor and wood. The company has 800 hours of labor and 360 pounds of wood available each day. Demand for chairs is limited to 50 per day (this implies that the production of chairs per day would be no more than 50). Each chair requires 8 hours of labor and 2 pounds of wood to produce, while a table requires 10 hours of labor and 6 pounds of wood. The profit derived from each chair is $45 and the profit from each table is $50. The company wants to determine the number of chairs and tables to produce each day in order to maximize its daily profit. Assume that every chair and table produced will be successfully sold.
What is the maximum profit?