question 6-9 Consider a partial output from a profit maximization problem that h
ID: 3357323 • Letter: Q
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question 6-9
Consider a partial output from a profit maximization problem that has been solved to optimality Name Labor Time Final Shadow Constraint Allowable Allowable Value Price 4 R.H. Side Increase Decrease 500 500 300 100 The Labo r Time constraint is a resource availability constraint. What will happen to the ual value (shadow price) if the right-hand-side for this constraint increases to 900? a. It will remain at 4 c It will become a postive number smaller than 4, such as 2. d. It will become a negative number, such as -2 e. It can either become zero or a positive number smaller than 4. 7. The objective function of a minimization problem with 2 decision variables is 5x-2y. The optimal solution turns out to be x* -5 and y*-3. If the objective function becomes min 5x-4y, which of the following COULD be the new optimal solution for x? a. 4 b. 6 c. 7 d. 5 e. 4 and 5 are both possible solutions for x. of a constraint such that the shadow 8. Range of feasibility refers to the change in price remains the same. a. the decision variable coefficients b. the objective function coefficients c. the left hand side d. the right hand side e. the sign 9. For a non-binding constraint, the sum of its shadow price and its right hand side will ALWAYS be zero a. True b. FalseExplanation / Answer
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8) The range of feasibility for the availability of a resource is the set of right-hand- side values over which the same set of constraints determines the optimal point. Within the range of feasibility, the shadow prices remain constant, however, the optimal solution will change.
D option
The range of feasibilityfor a change in the right handside value is the range of values for this coefficient inwhich the original dual price remains constant
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