Linear programming

Question 1

what are to the two types of linear programming

Answer 1

1. graphical
2. simultaneous equations

Question 2

what is linear programming

Answer 2

a linear optimisation method used to find best case outcomes based on objective linear relationships

Question 3

if there are two or more limiting factors we will assume that…..

Answer 3

• the firm seeks to maximise contribution
• the inputs change in a linear way with production
• only two products are produced

Question 4

what’s a slack resource

Answer 4

non constraining resource where there is more avaliable that can be used in the optimal plan

Question 5

what is the shadow price for a non binding constraint

Answer 5

zero