Homework
Required Textbook:
Render, B., Stair, Jr., R. M., Hanna, M. E., & Hale, T. S. (2018). Quantitative analysis for management (13th ed.). New York City, NY. Pearson. ISBN: 9780134543451
You will need access to this book yourself! I will not be able to provide it.
Length: 1000 words.
I. What are the conditions causing linear programming problems to have multiple solutions?
II. Do you prefer the corner point method or the isoprofit, isocost method? Why?
III. Explain the purpose and procedures of the simplex method.
IV. What is a shadow price? How does the concept relate to the dual of an LP problem? How does it relate to the primal?
V. Electrocomp's management realizes that it forgot to include two critical constraints (see Problem 7-14). In particular, management decides that there should be a minimum number of air conditioners produced in order to fulfill a contract. Also, due to an oversupply of fans in the preceding period, a limit should be placed on the total number of fans produced.
i. If Electrocomp decides that at least 20 air conditioners should be produced but no more than 80 fans should be produced, what would be the optimal solution? How much slack or surplus is there for each of the four constraints?
ii. If Electrocomp decides that at least 30 air conditioners should be produced but no more than 50 fans should be produced, what would be the optimal solution? How much slack or surplus is there for each of the four constraints at the optimal solution?
VI. Assume that you will set your production (of products or services) according to the results of a linear programming solution. What else is needed to assure financial success?
Format your homework according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.