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6 Cards in this Set
- Front
- Back
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A typical quantitative analysis or management science process includes: (I) Developing a solution; (II) Acquiring input data; (III) Communicating and implementing the results; (IV) Defining problem; (V) Developing a model; (VI) Testing the solution; (VII) Analyzing the results. The above steps are not in the right sequence. Which of the following is the first in sequence?
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IV
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Katherine D’Ann is planning to finance her college education by selling programs at the football games for State University. There is a fixed cost of $400 for printing these programs, and the variable cost is $3 each program. There is also a $1,000 fixed fee that is paid to the University for the right to sell these programs. If Katherine is able to sell each program for $5, how many would she have to sell in order to break
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700
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Following the previous problem, if Katherine D’Ann has printed 1200 programs and sold out all copies, how much net profit can Katherine make for her sale?
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1000
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A solution that satisfies all the constraints and has the best objective function value in an LP problem is called
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Optimal solution
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At the optimal solution for an LP problem, the constraint that has the left-hand- side value not equal to the right-hand-side value is called
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non-binding constraint
-The non-binding constraint doesn't affect the optimal solution and can be changed without changing it. |
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For Galaxy’s production, if some less-than or equal-to () constraints become more restricted by reducing the right hand side values, for example, less plastic compound available, which of the following results is typically or most likely correct for the new situation?
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The optimal objective function value (weekly profit) will decrease.
-when a constraints right-hand side changes, solution and objective value both change. but that is true only when shadow price is nonzero. if shadow price is zero, then any change in right-hand side witrhin the limits changes neither the solution nor the objective function value. |
