Explain in brief about Linear Programming: What is the Optimal Solution?
Considered the following LP Problem:
Problem- Maximize profit= 5x+6y
Subject to 2x+y<120
2x+3y<240
X,y>0
Part 1- What is the optimal solution to this problem? Solve it graphically
Part 2- If a technical breakthrough occurred that raised the profit per unit of x to $8 would this affect the optimal solution?
Part 3- Instead of an increase in the profit coefficient X to $ 8, suppose that profit was overestimated and should only have been $3. Does this change the optimal solution?
You need to solve the above problem about maximizing profits is solved graphically.