Exam 8: Linear Programming Applications

The following table provides shipping costs from each of two regional warehouses to each of three destinations.The supplies available and the demands are also given in the table. Formulate this as a linear programming problem.Carefully define all decision variables.

Describe the portfolio selection linear programming application.

The selection of specific investments from among a wide variety of alternatives is the type of LP problem known as the portfolio selection problem.

What are the decision variables in the diet problem?

A linear programming approach is usually used by managers involved in portfolio selection to minimize risk.

Which of the following statements is true regarding the labor planning problem?

Which of the following is considered a decision variable in the media selection problem of maximizing audience exposure?

If a linear programming problem has alternate solutions, the order in which you enter the constraints may affect the particular solution found.

A computer start-up named Pear is considering entering the U.S.market with what they believe to be a smaller and faster computer than some of the existing products on the market.They want to get a feel for whether or not customers would be willing to switch from some of the existing bigger brands to consider their product.They want to collect a reasonable sample from across the United States representative of all age brackets.They have split the United States into 2 regions: East and West.They want at least 65% of their sample to cover the East and no fewer than 25% of the West.They also have divided the age groups into 3 categories: 18-35, 36-69, and 70 and up.They want at least 50% of their sample to be between 18 and 35 and at least 40% to be between 36 and 69.The costs per person surveyed is given in the table below: Assume that at least 1,000 people are to be surveyed.The problem is for Pear Company to decide how many people to survey from each age bracket within each region in order to minimize costs while meeting requirements.Find the optimal solution and minimum cost.