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Explain the purpose and procedures of simplex method

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1. What are the conditions causing linear programming problems to have multiple solutions?

2. Do you prefer the corner point method or the isoprofit, isocostmethod? Why?

3. Explain the purpose and procedures of the simplex method.

4. What is a shadow price? How does the concept relate to the dual of an LP problem? How does it relate to the primal?

5. 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.

- 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?

- 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?

6. 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?

Attachment:- Quantitative Analysis Assignment.rar

Reference no: EM132512803

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