Question 1

All optimization problems include decision variables, an objective function, and constraints.

Accepted Answer

A) True 
 B)False

Question 2

Consider the following linear programming problem: Minimize:   Subject to:         The above linear programming problem:

Accepted Answer

A)  has only one optimal solution 
B)  has more than one optimal solution 
C)  exhibits infeasibility 
D)  exhibits unboundedness 
A)  has only one optimal solution 
B)  has more than one optimal solution 
C)  exhibits infeasibility 
D)  exhibits unboundedness

Question 3

The divisibility property of LP models simply means that we allow only integer levels of the activities.

Accepted Answer

A) True 
 B)False

Question 4

A farmer in Egypt owns 50 acres of land. He is going to plant each acre with cotton or corn. Each acre planted with cotton yields $400 profit; each with corn yields $200 profit. The labor and fertilizer used for each acre are given in the table below. Resources available include 150 workers and 200 tons of fertilizer.  
-(A) Formulate a linear programming model that will enable the farmer to determine the number of acres that should be planted cotton and/or corn in order to maximize his profit.
​
(B) Find an optimal solution to the model in (A) and determine the maximum profit.
​
(C) Implement the model in (A) in Excel Solver and obtain an answer report. Which constraints are binding on the optimal solution?
​
(D) Obtain a sensitivity report for the model in (A). How much should the farmer be willing to pay for an additional worker?
​
(E) Suppose the farmer hires 10 additional workers. Can you use the sensitivity analysis obtained for (D) to determine his expected profit? Would his planting plan change? Explain your answer.
​
(F) Suppose the farmer now wants to hire 20 additional workers, instead of just 10. Can you use the sensitivity analysis obtained for (D) to determine his expected profit? Explain your answer.

Accepted Answer

A) Let @#IMG-DLM& and @#IMG-DLM& The linear programming mode

Question 5

As related to sensitivity analysis in linear programming, when the profit increases with a unit increase in labor, this change in profit is referred to as the:

Accepted Answer

A)  add-in price 
B)  sensitivity price 
C)  shadow price 
D)  additional profit 
A)  add-in price 
B)  sensitivity price 
C)  shadow price 
D)  additional profit

Question 6

When there is a problem with Solver being able to find a solution, many times it is an indication of a(n):

Accepted Answer

A)  older version of Excel® 
B)  nonlinear programming problem 
C)  problem that cannot be solved using linear programming 
D)  mistake in the formulation of the problem 
A)  older version of Excel® 
B)  nonlinear programming problem 
C)  problem that cannot be solved using linear programming 
D)  mistake in the formulation of the problem

Question 7

When the proportionality property of LP models is violated, we generally must use non-linear optimization.

Accepted Answer

A) True 
 B)False

Question 8

Unboundedness refers to the situation in which the LP model has been formulated in such a way that the objective function is unbounded - that is, it can be made as large (for maximization problems) or as small (for minimization problems) as we wish.

Accepted Answer

A) True 
 B)False

Question 9

Nonbinding constraints will always have slack, which is the difference between the two sides of the inequality in the constraint equation.

Accepted Answer

A) True 
 B)False

Question 10

A company produces two products. Each product can be produced on either of two machines. The time (in hours) required to produce each product on each machine is shown below:   Each month, 600 hours of time are available on each machine, and that customers are willing to buy up to the quantities of each product at the prices that are shown below:   The company's goal is to maximize the revenue obtained from selling units during the next two months.
-What is the objective function in this problem?

Accepted Answer

The objective function is the

Question 11

All optimization problems have:

Accepted Answer

A)  an objective function and decision variables 
B)  an objective function and constraints 
C)  decision variables and constraints 
D)  an objective function, decision variables and constraints 
A)  an objective function and decision variables 
B)  an objective function and constraints 
C)  decision variables and constraints 
D)  an objective function, decision variables and constraints

Question 12

In an optimization model, there can only be one:

Accepted Answer

A)  decision variable 
B)  constraint 
C)  objective function 
D)  shadow price 
A)  decision variable 
B)  constraint 
C)  objective function 
D)  shadow price

Question 13

Linear programming models have three important properties: _____.

Accepted Answer

A)  optimality, additivity, and sensitivity 
B)  optimality, linearity, and divisibility 
C)  divisibility, linearity, and nonnegativity 
D)  proportionality, additivity, and divisibility 
A)  optimality, additivity, and sensitivity 
B)  optimality, linearity, and divisibility 
C)  divisibility, linearity, and nonnegativity 
D)  proportionality, additivity, and divisibility

Question 14

The term nonnegativity refers to the condition in which the:

Accepted Answer

A)  objective function cannot be less that zero 
B)  decision variables cannot be less than zero 
C)  right hand side of the constraints cannot be greater then zero 
D)  reduced cost cannot be less than zero 
A)  objective function cannot be less that zero 
B)  decision variables cannot be less than zero 
C)  right hand side of the constraints cannot be greater then zero 
D)  reduced cost cannot be less than zero

Question 15

If a manufacturing process takes 3 hours per unit of x and 5 hours per unit of y and a maximum of 100 hours of manufacturing process time are available, then an algebraic formulation of this constraint is:

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)

Question 16

In determining the optimal solution to a linear programming problem graphically, if the objective is to maximize the objective, we pull the objective function line down until it contacts the feasible region.

Accepted Answer

A) True 
 B)False

Question 17

It is instructive to look at a graphical solution procedure for LP models with three or more decision variables.

Accepted Answer

A) True 
 B)False

Question 18

The optimal solution to any linear programming model is a corner point of a polygon.

Accepted Answer

A) True 
 B)False

Question 19

A shadow price indicates how much a company would pay for more of a scarce resource.​

Accepted Answer

A) True 
 B)False

Question 20

A feasible solution is a solution that satisfies all of the constraints.

Accepted Answer

A) True 
 B)False

All optimization problems include decision variables, an objective function, and constraints.

Consider the following linear programming problem: Minimize: Subject to: The above linear programming problem:

The divisibility property of LP models simply means that we allow only integer levels of the activities.

As related to sensitivity analysis in linear programming, when the profit increases with a unit increase in labor, this change in profit is referred to as the:

When there is a problem with Solver being able to find a solution, many times it is an indication of a(n):

When the proportionality property of LP models is violated, we generally must use non-linear optimization.

Unboundedness refers to the situation in which the LP model has been formulated in such a way that the objective function is unbounded - that is, it can be made as large (for maximization problems) or as small (for minimization problems) as we wish.

Nonbinding constraints will always have slack, which is the difference between the two sides of the inequality in the constraint equation.

All optimization problems have:

In an optimization model, there can only be one:

Linear programming models have three important properties: _____.

The term nonnegativity refers to the condition in which the:

If a manufacturing process takes 3 hours per unit of x and 5 hours per unit of y and a maximum of 100 hours of manufacturing process time are available, then an algebraic formulation of this constraint is:

In determining the optimal solution to a linear programming problem graphically, if the objective is to maximize the objective, we pull the objective function line down until it contacts the feasible region.

It is instructive to look at a graphical solution procedure for LP models with three or more decision variables.

The optimal solution to any linear programming model is a corner point of a polygon.

A shadow price indicates how much a company would pay for more of a scarce resource.

A feasible solution is a solution that satisfies all of the constraints.

Introduction to Business Analytics

Describing the Distribution of a Single Variable

Finding Relationships Among Variables

Probability and Probability Distributions

Normal, Binomial, Poisson, and Exponential Distributions

Decision Making Under Uncertainty

Sampling and Sampling Distributions

Confidence Interval Estimation

Hypothesis Testing

Regression Analysis: Estimating Relationships

Regression Analysis: Statistical Inference

Time Series Analysis and Forecasting

Optimization Models

Introduction to Simulation Modeling

Simulation Models

Data Mining

Importing Data Into Excel

Analysis of Variance and Experimental Design

Statistical Process Control

Filters

Exam 13: Introduction to Optimization Modeling

All optimization problems include decision variables, an objective function, and constraints.

Consider the following linear programming problem: Minimize: Subject to: The above linear programming problem:

The divisibility property of LP models simply means that we allow only integer levels of the activities.

As related to sensitivity analysis in linear programming, when the profit increases with a unit increase in labor, this change in profit is referred to as the:

When there is a problem with Solver being able to find a solution, many times it is an indication of a(n):

When the proportionality property of LP models is violated, we generally must use non-linear optimization.

Unboundedness refers to the situation in which the LP model has been formulated in such a way that the objective function is unbounded - that is, it can be made as large (for maximization problems) or as small (for minimization problems) as we wish.

Nonbinding constraints will always have slack, which is the difference between the two sides of the inequality in the constraint equation.

All optimization problems have:

In an optimization model, there can only be one:

Linear programming models have three important properties: _____.

The term nonnegativity refers to the condition in which the:

If a manufacturing process takes 3 hours per unit of x and 5 hours per unit of y and a maximum of 100 hours of manufacturing process time are available, then an algebraic formulation of this constraint is:

In determining the optimal solution to a linear programming problem graphically, if the objective is to maximize the objective, we pull the objective function line down until it contacts the feasible region.

It is instructive to look at a graphical solution procedure for LP models with three or more decision variables.

The optimal solution to any linear programming model is a corner point of a polygon.

A shadow price indicates how much a company would pay for more of a scarce resource.​

A feasible solution is a solution that satisfies all of the constraints.

Introduction to Business Analytics

Describing the Distribution of a Single Variable

Finding Relationships Among Variables

Probability and Probability Distributions

Normal, Binomial, Poisson, and Exponential Distributions

Decision Making Under Uncertainty

Sampling and Sampling Distributions

Confidence Interval Estimation

Hypothesis Testing

Regression Analysis: Estimating Relationships

Regression Analysis: Statistical Inference

Time Series Analysis and Forecasting

Optimization Models

Introduction to Simulation Modeling

Simulation Models

Data Mining

Importing Data Into Excel

Analysis of Variance and Experimental Design

Statistical Process Control

Filters

A shadow price indicates how much a company would pay for more of a scarce resource.