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Problem 3: Chez Marie Pati sserie The owners of Chez Marie Patisserie are attempting to determine how many loaves of their famous nigella bread to bake for the first day of the upcoming festival. The owners feel that festival goers are likely to buy 850 loaves. Company accounting records show that each loaf of nigella bread costs $1.90 to make. Chez Marie plans to sell each loaf for $5.00. Unsold loaves can be sold on the second day of the festival as “day-old” products. The owners plan to sell such loaves for $1.50 each. At this discounted price, all the loaves that weren’t sold in the first day will be sold. a) Define range names for each input. You should paste a list of range names in your spreadsheet. Also, use color codes to separate inputs, outputs, and decision variables the same way we did in class (1 pt). b) How many loaves do you recommend the owners to bake? Do a sensitivity analysis to answer (i.e. how does profit change with respect to the number of loaves baked? Choose the number of loaves that gives the highest profit). Do not use Solver. c) Suppose the owners of Chez Marie decide to make 1000 loaves (this is not necessarily the correct answer to part b). What is the demand at which Chez Marie breaks-even? d) The demand for nigella bread is uncertain. So, the owners want to know the maximum profit they can make if demand is 600, 700, 800, 900 or 1000. Build a two-way data table calculating the profit for different demand and baking quantity values (given in the template). Then, for each demand value, calculate the maximum profit possible at that demand.Problem 3: Chez Marie Pati sserie The owners of Chez Marie Patisserie are attempting to determine how many loaves of their famous nigella bread to bake for the first day of the upcoming festival. The owners feel that festival goers are likely to buy 850 loaves. Company accounting records show that each loaf of nigella bread costs $1.90 to make. Chez Marie plans to sell each loaf for $5.00. Unsold loaves can be sold on the second day of the festival as “day-old” products. The owners plan to sell such loaves for $1.50 each. At this discounted price, all the loaves that weren’t sold in the first day will be sold. a) Define range names for each input. You should paste a list of range names in your spreadsheet. Also, use color codes to separate inputs, outputs, and decision variables the same way we did in class (1 pt). b) How many loaves do you recommend the owners to bake? Do a sensitivity analysis to answer (i.e. how does profit change with respect to the number of loaves baked? Choose the number of loaves that gives the highest profit). Do not use Solver. c) Suppose the owners of Chez Marie decide to make 1000 loaves (this is not necessarily the correct answer to part b). What is the demand at which Chez Marie breaks-even? d) The demand for nigella bread is uncertain. So, the owners want to know the maximum profit they can make if demand is 600, 700, 800, 900 or 1000. Build a two-way data table calculating the profit for different demand and baking quantity values (given in the template). Then, for each demand value, calculate the maximum profit possible at that demand.