Consider the following LP problem where x 1 and x 2 represents the decision variables Solve the LP problem to answer the following questions a What are the values of x 1 and x 2 at the optimal solution What is the minimum value of z b Identify the binding and nonbinding constraints and report the s...

a Optimal solution x 1 3929 x 2 64286 and z 1114286 b Both ...

Consider the following LP problem. where x 1 and x 2 represents the decision variables. Solve the

Question:

Consider the following LP problem.

where x₁ and x₂ represents the decision variables. Solve the LP problem to answer the following questions.

a. What are the values of x₁ and x₂ at the optimal solution? What is the minimum value of z?

b. Identify the binding and nonbinding constraints and report the surplus value, as applicable.

c. Report the shadow price and the range of feasibility of each binding constraint(s). Interpret the results.

d. What is the range of optimality for the two objective function coefficients? Interpret the results.

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Business Analytics Communicating With Numbers

ISBN: 9781260785005

1st Edition

Authors: Sanjiv Jaggia, Alison Kelly, Kevin Lertwachara, Leida Chen

Question Posted: Feb 16, 2023 08:26 AM

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Consider the following LP problem. where x 1 and x 2 represents the decision variables. Solve the

Question:

Minimize Subject to: Constraint 1: Constraint 2: Constraint 3: z = 12x₁ + 10x2 8x₁ + 6x₂ ≥ 70, 4x₁ + 10x₂ ≥ 80, X₁, X₂ ≥ 0,

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Business Analytics Communicating With Numbers

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