Question: Consider the following LP problem where x 1 , x 2 , and x 3 represent the decision variables. Solve the LP problem to answer

Consider the following LP problem Minimize Subject to: Constraint 1: Constraint 2: Constraint 3: z = 7x


where x1, x2, and x3 represent the decision variables. Solve the LP problem to answer the following questions. 

a. What are the values of x1, x2, and x3 at the optimal solution? What is the minimum value of z? 

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

c. Report the values and ranges of feasibility of the shadow price of each binding constraint. Interpret the results. 

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

Minimize Subject to: Constraint 1: Constraint 2: Constraint 3: z = 7x + 7x + 6x3 7x + 6x + 4x32 50, 10x + 13x + 14x3 150, X1, X2, X3 0,

Step by Step Solution

★★★★★

3.40 Rating (169 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

a Optimal solution x 1 0 x 2 3125 x 3 78125 and z 6875 b Both ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Business Statistics Communicating Questions!

Q:

which of the following was a major reason for dividing executive powers among six offices? Group of answer choices To make executive power more efficient by creating a system of division of labor for...

Q:

Consider the following LP problem. where x 1 , x 2 , and x 3 represent the decision variables. Solve the LP problem to answer the following questions. a. What are the values of x 1 , x 2 , and x 3 at...

Q:

Consider the following LP problem: MAX: 4X1 + 2X2 Subject to: 2X1 + 4X2 20 3X1 + 5X2 15 X1, X2 0 a. Use slack variables to rewrite this problem so that all its constraints are equal to...

Q:

Consider the following LP problem: MAX: 2X1 + 4X2 Subject to: -X1 + 2X2 8 X1 + 2X2 12 X1 + X2 2 X1, X2 0 a. Use slack variables to rewrite this problem so that all its constraints are equal to...

Q:

please look at each picture, some were cut off due to the picture window so i posted them seperate but they are the same question for instance question b and c i wasnt able to post the whole question...

Q:

Consider the following LP problem.Minimize 2 = 9 . 2 0 x 1 + 6 . 2 0 x 2 , Subject toConstraint 1 : 5 x 1 + 3 x 2 3 0 , Constraint 2 : 2 x 1 + 5 x 2 3 3 , Constraint 3 : \ times 1 , x 2 0 , where x 1...

Q:

( a ) ( i ) Describe the Backtracking and Jumptracking strategies for branching ( to solve Integer Programming problems ) . ( ii ) Describe at least one advantage and one disadvantage of each of the...

Q:

Question ( 4 ) : solve the following problem: ( 1 0 marks ) Consider the following LP problem: Maximize profit = $ 5 X + $ 6 Y Subject to: 2 X + 3 Y = 0 Answer the...

Q:

Question ( 4 ) : solve the following problem: ( 1 0 marks ) Consider the following LP problem: Maximize profit = $ 5 X + $ 6 Y Subject to: 2 X + 3 Y = 0 Answer the...

Q:

Consider the following LP problem. Suppose X represents the quantity of Regular Mix and Y represents the quantity of Deluxe Mix produced by The Nut-Mix Manufacturing Company. Maximize 43X +38Y...

Q:

Make sure to type the question number/letter clearly.Also, PLEASE use the notations provided for each question. PLEASE HELP!! Problem 1) Consider the following LP problem: x

Q:

Demonstrate that "data snooping," that is, testing hypotheses that are suggested by the data, is generally not a good practice. (a) Show that, for any random variable Y and constants a and b with a >...

Q:

Interest rates fluctuate with the economy. In the 1980s, the highest CD interest rate was over 16%. By 2009, the highest CD interest rates were approximately 5%. a. If $1,000 is invested at 16%...

Q:

What happens when current interest rates are lower than they were at the time of the annuity purchase and a Market Value Adjustment is applied? The policyholder receives a reduced payout. The...

Q:

The local amateur football club spent $675 on tickets to a professional football game. If the club bought three fewer 15-dollar tickets than four-fifths the number of 12-dollar tickets, how many...

Q:

Reduced visual performance with increasing age has been a much-studied phenomenon in recent years. This decline is due partly to changes in optical properties of the eye itself and partly to neural...

Q:

The article Photocharge Effects in Dye Sensitized Ag[Br,I] Emulsions at Millisecond Range Exposures (Photographic Science and Engineering [1981]: 138 144) gave the accompanying data on x 5 % light...

Q:

Example 13.4 gave data on x 5 treadmill run time to exhaustion and y 5 20-km ski time for a sample of 11 biathletes. Use the accompanying Minitab output to answer the following questions. The...

Q:

Question 23 (9 points) Saved Excelsior Brewery Corporation (EBC) wants to expand its operations. It is considering the purchase of new brewing and bottling equipment worth $550,000. The company...

Q:

Aa Aa 11. Can I afford this home? Part 1 Can Maria and Sam Afford This Home Using the Monthly Income Loan Criterion? Next week, your friends Maria and Sam want to apply to the Fifth State Bank for a...

Q:

The number of compounding periods in one year is called compounding frequency. The compounding frequency affects both the present and future values of cash flows. An investor can invest money with a...