Constraint optimization

Question 1

General notes: Constraint optimization

Answer 1

1 limiting factor and >1 product do CULF
>1 limiting factor and 2 products do linear programming (Maximize contribution)
>1 limiting factor and >2 products do simplex
- Provides additional information on opportunity cost and marginal rates of substitution that are useful for decision making
-Slack variables represent the quantity of unused resources at optimal point of production (for a constraint)