Terms alternative and state of nature in decision theory

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1. Explain graphically how to determine the shadow price of a binary constraint in an LP with two variables. Show also the formulation of your LP.

2. Give definitions and examples of decision variables and problem parameters in the general decision modelling context.

3. Explain and distinguish between the terms 'alternative' and 'state of nature' in decision theory.

Reference no: EM132074514

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