What is an objective function? What is a constraint?

Linear Programming

What is an objective function?
What is a constraint?
What is slack?
What is a shadow price (a.k.a. dual price)?

Expert Solution

Answering the first 4 sub-questions as per Chegg Guidelines:

1. In linear programming, objective function is the function based on which the profits of the company or instance can be maximized and the losses can be minimized. This is usually done by playing on the relationship of a set of constraints, pre-specified in the model.

2. Constraint is the limiting value based on which the value of the objective function can be modified and decided upon. Constraint can take the form of equalities or they can be inequalities.

3. In a linear programming model, a slack variable is used to convert a constraint from inequality form to equality form. The introduction of slack variables in the model help in achieving an optimization solution, quite easily.

4. Shadow prices, basically are the coefficients of the objective function which are associated with the slack or surplus variable, so as to arrive at an optimal solution.

keosha answered 2 years ago

(c) What is a blending problem? Briefly discuss the objective function and constraint requirements in a...

(c) What is a blending problem? Briefly discuss the objective function and constraint requirements in a blending problem. Give a real world example of a blending problem. (d) Explain how the simulation process is used in business analytics models. What are the advantages of using simulation? What are its limitations? How can a simulation model be verified? Give a real world example where using simulation is appropriate.

Explain the following terms: optimization, objective function, optimal solution, constraint, constraint function, feasible solution, and binding...

Explain the following terms: optimization, objective function, optimal solution, constraint, constraint function, feasible solution, and binding constraint.

Explain the following terms: Decision Variables Objective function Constraint Non-negativity constraints Feasible solution Infeasible solution Feasible...

Explain the following terms: Decision Variables Objective function Constraint Non-negativity constraints Feasible solution Infeasible solution Feasible solution area Optimal Solution Extreme Points Proportionality

Complete the objectives and constraint considerations for an Endowment: - Return Objective: - Risk Tolerance: -...

Complete the objectives and constraint considerations for an Endowment: - Return Objective: - Risk Tolerance: - Liquidity Constraint: - Time Horizon: - Tax Considerations: - Legal and Regulatory: - Unique Circumstances:

compare and contrast the investment objective and constraint of an insurance company and defined benefit pension...

compare and contrast the investment objective and constraint of an insurance company and defined benefit pension fund.

What is the objective of an internal audit vs. external audit What is the function of...

What is the objective of an internal audit vs. external audit What is the function of the internal and external auditor Are there organization(s) providing oversight of internal and external auditors For organizations having both internal and external audits, what is the relationship (if any) between the two group of auditors - internal auditors & external auditors What is the relationship (if any) between the internal auditor (and the external auditor) and management Who does the auditors (internal auditor &...

Graphically speaking, what happens to the slope of an objective function if a coefficient in the...

Graphically speaking, what happens to the slope of an objective function if a coefficient in the objective function is changed?

What is the function of the diaphragm? __ How do you change the objective lenses? ...

What is the function of the diaphragm? __________________________________________ How do you change the objective lenses? ________________________________________ __________________________________________________________________________ What power must be in place when you first find an image in the microscope? _______________________________________________________________ ** Why do we call the microscope a compound light microscope? ____________________________________________________________________________________________________________________________________________________ Draw the following patterns as they would appear when viewed through a compound microscope: 2_____ x_____ h_____ e_____ How is a wet-mount slide prepared? ___________________________________________ ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ If an organism moves on the glass...

Discuss the objective of eliminating the receiving function. What accounting/audit problems need to be resolved? give...

Discuss the objective of eliminating the receiving function. What accounting/audit problems need to be resolved? give me an example too.

6 What is a constraint? Explain the Theory of Constraints.

Question