Question: (Excel Solver Question) The shadow price is calculated to be 3 for a less than or equal to constraint in a maximization LP problem, this

(Excel Solver Question) The shadow price is calculated to be 3 for a less than or equal to constraint in a maximization LP problem, this means:

  1. if the coefficient of the objective function is increase by 3 then the right-hand side for that constraint must be increased by 1.
  2. if the right-hand side for that constraint is increased by three then the optimal objective function value is increase by 1 dollar
  3. if the right-hand side for that constraint is increased by three then the optimal objective function value is increase by 3 dollars
  4. if the coefficient of the objective function is increase by 1 then the right-hand side for that constraint must be increased by 3.
  5. All of the above is correct
  6. None of the above is correct.

Please explain why it is wrong or right.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock 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 General Management Questions!

Q:

Please also explain the answers for each questions. Appreciate it. 1. Which of the following is true for ALL Linear Programming (LP) problems? g) Every LP problem has an optimal or a feasible...

Q:

Please explain the answers. Appreciate it. 1. Which of the following is true for ALL Linear Programming (LP) problems? g) Every LP problem has an optimal or a feasible solution. h) If a feasible...

Q:

Please explain the answer. Will upvote if answer works. Appreciate it! Q3. (Multiple Choice) (10 pts.) (Excel Solver Question) The shadow price is calculated to be 3 for a less than or equal to...

Q:

Nonbasic variables are always set to ________. a. 0.1 b. 10 c. 0 d. 1 A linear programming problem has objective function P = 3x + 2y and the following linear inequality constraints. x y 0, x + y 3,...

Q:

The shadow price is calculated to be 3 for a less than or equal to constraint in a maximization LP problem (assuming the range of feasibility is satisfied), this means: a) if the coefficient of the...

Q:

Q8. (5 pts.) The shadow price is calculated to be 3 for a less than or equal to constraint in a maximization LP problem (assuming the range of feasibility is satisfied), this means: a) if the...

Q:

(The shadow price is calculated to be 3 for a less than or equal to constraint in a maximization LP problem (assuming the range of feasibility is satisfied), this means: a) if the coefficient of the...

Q:

The shadow price is calculated to be 3 for a less than or equal to constraint in a maximization LP problem (assuming the range of feasibility (allowable increase and decrease) is satisfied), this...

Q:

1) A non-binding constraint; Group of answer choices mean that all the resources for that constraint are used. the slack for that constraint is zero has a non-zero shadow price has a zero shadow...

Q:

The shadow price is calculated to be 5 for a less than or equal to constraint in a maximization LP problem, this means: if the RHS for that constraint is increased by one then the optimal objective...

Q:

Mental Health provides counseling and stress management programs for overworked students. Fixed costs are: rent for the building (that includes utilities and maintenance); and the Director's salary....

Q:

You are riding in a boat whose speed relative to the water is 6.1 m/s. The boat points at an angle of 25 degrees upstream on ariver flowing at 1.4 m/s. Find the time it takes for the boat to reachthe...

Q:

According to the residual theory of dividend policy, dividends are paid out of retained earnings the firm should pay dividends only after meeting all of its needs dividends are paid out of residual...

Q:

Read the articles on journaling and review the template provided. Identify what approach, to journaling, in the articles you found useful and why. Post to the discussion forum that you have reviewed...