Identify the choice that best completes the statement or answers the question.
__B__ 1. What are the three common elements of an optimization problem?
a.|objectives, resources, goals.|
b.|decisions, constraints, an objective.|
c.|decision variables, profit levels, costs.|
d.|decisions, resource requirements, a profit function.|
___A_ 2. What is the goal in optimization?
a.|Find the best decision variable values that satisfy all constraints.|
b.|Find the values of the decision variables that use all available resources.|
c.|Find the values of the decision variables that satisfy all constraints.|
d.|None of the above.|
____B 3. Limited resources are modeled in optimization problems as
a.|an objective…show more content…
The following linear programming problem has been written to plan the production of two products. The company wants to maximize its profits.
X1 = number of product 1 produced in each batch
X2 = number of product 2 produced in each batch
MAX:|150 X1 + 250 X2|
Subject to:|2 X1 + 5 X2 £ 200|
|3 X1 + 7 X2 £ 175|
|X1, X2 ³ 0|
How much profit is earned per each unit of product 2 produced?
__B__ 10. A company uses 4 pounds of resource 1 to make each unit of X1 and 3 pounds of resource 1 to make each unit of X2. There are only 150 pounds of resource 1 available. Which of the following constraints reflects the relationship between X1, X2 and resource 1?
a.|4 X1 + 3 X2 ³ 150|
b.|4 X1 + 3 X2 £ 150|
c.|4 X1 + 3 X2 = 150|
d.|4 X1 £ 150|
___D_ 11. The objective function for a LP model is 3 X1 + 2 X2. If X1 = 20 and X2 = 30, what is the value of the objective function?
___B_ 12. Why do we study the graphical method of solving LP problems?
a.|Lines are easy to draw on paper.|
b.|To develop an understanding of the linear programming strategy.|
c.|It is faster than computerized methods.|