Describe what is meant by the shadow price in linear programming
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Q: Explain what is meant by the shadow price in linear programming?
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Describe what is meant by the shadow price in linear programming?
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- Explain what is meant by the shadow price in linear programming?Method of Least Squares, Goodness of Fit Deepa Dalal opened a free-standing radiology clinic. She had anticipated that the costs for the radiological tests would be primarily fixed, but she found that costs increased with the number of tests performed. Costs for this service over the past nine months are as follows: Month Radiology Tests Total Cost January 2,800 $133,500 February 2,600 135,060 March 3,100 175,000 April 3,500 170,600 May 3,400 176,900 June 3,700 186,600 July 3,840 174,450 August 4,100 195,510 September 3,450 185,300 Required: 1. Compute the cost formula for radiology services using the method of least squares. If required, round your answers to two decimal places. Y = + X 2. Using the formula computed in Requirement 1, what is the predicted cost of radiology services for October for 3,500 appointments? (Round the answer to the nearest dollar.)Jasmine owns 12 apartment buildings in a college town, which it rents exclusively to students. Each apartment building contains 120 rental units, but the owner is having cash flow problems due to an average vacancy rate of nearly 50 percent. The apartments in each building have comparable floor plans, but some buildings are closer to campus than others. Jasmine’s accumulated data from last year on the number of apartments rented, the rental price (in dollars), and the amount spent on advertising (in hundreds of dollars) at each of the 12 apartments are available below. These data, along with the distance (in miles) from each apartment building to campus, are presented below. Jasmine is looking for expert advice on the available data to inform administrative and business policy. By applying this scenario, help her regress the quantity demanded of her apartments on price, advertising, and distance datasets by using Excel or SPSS. Observation or (Number of Apartments) Quantity…
- 1. Explain the meaning of the expected value of perfect information (EVPI) in this problem. Based on the results of (iii) and (iv), which investment would you choose? 2. Compute the coefficient of variation, the return-to-risk ratio (RTRR) for each investment. Based on (vii) and (viii), what investment would you choose? Compare the results of (vi) and (ix) and explain any differencesProblems LU - 2 Wally Beaver won a lottery and will receive a check for $2,500 at the beginning of each 6 months for the next 6 years. If Wally deposits each check into an account that pays 6%, how much will he have at the end of the 6 years?The MGMT Insurance Ltd. accepts payments on various insurance policies fromemplovees of businesses across the island. These businesses deduct payments fromemployees' salaries and pay the insurance company a lump sum each month. This totalamount deducted is shown on each employee's payslip. Deductions are due at the end of each month and each participating business submits onepavment for its emplovees to the insurance company via online payments through thebank. However, if payments were received after 11:00 a.m., the bank does not processthem until the next business day. At the beginning of each month an administrativeassistant at MGMT Insurance Ltd. downloads the deductions for each company andallocates payments to the various policies. These payments include the client's uniquenumber along with his/her relevant policy numbers and amounts due. However, recently there has been some complaints that payments for some policies werenot being allocated correctly. Additionally, assume that…
- The MGMT Insurance Ltd. accepts payments on various insurance policies fromemplovees of businesses across the island. These businesses deduct payments fromemployees' salaries and pay the insurance company a lump sum each month. This totalamount deducted is shown on each employee's payslip. Deductions are due at the end of each month and each participating business submits onepavment for its emplovees to the insurance company via online payments through thebank. However, if payments were received after 11:00 a.m., the bank does not processthem until the next business day. At the beginning of each month an administrativeassistant at MGMT Insurance Ltd. downloads the deductions for each company andallocates payments to the various policies. These payments include the client's uniquenumber along with his/her relevant policy numbers and amounts due. However, recently there has been some complaints that payments for some policies werenot being allocated correctly. Additionally, assume that…The MGMT Insurance Ltd. accepts payments on various insurance policies fromemplovees of businesses across the island. These businesses deduct payments fromemployees' salaries and pay the insurance company a lump sum each month. This totalamount deducted is shown on each employee's payslip. Deductions are due at the end of each month and each participating business submits onepavment for its emplovees to the insurance company via online payments through thebank. However, if payments were received after 11:00 a.m., the bank does not processthem until the next business day. At the beginning of each month an administrativeassistant at MGMT Insurance Ltd. downloads the deductions for each company andallocates payments to the various policies. These payments include the client's uniquenumber along with his/her relevant policy numbers and amounts due. However, recently there has been some complaints that payments for some policies werenot being allocated correctly. Additionally, assume that…The MGMT Insurance Ltd. accepts payments on various insurance policies fromemplovees of businesses across the island. These businesses deduct payments fromemployees' salaries and pay the insurance company a lump sum each month. This totalamount deducted is shown on each employee's payslip. Deductions are due at the end of each month and each participating business submits onepavment for its emplovees to the insurance company via online payments through thebank. However, if payments were received after 11:00 a.m., the bank does not processthem until the next business day. At the beginning of each month an administrativeassistant at MGMT Insurance Ltd. downloads the deductions for each company andallocates payments to the various policies. These payments include the client's uniquenumber along with his/her relevant policy numbers and amounts due. However, recently there has been some complaints that payments for some policies werenot being allocated correctly. Additionally, assume that…
- How does the presence of one production constraint affect the relevant cost analysis model? Two ormore production constraints?I need a detailed explanation and assistance to solve this problem: Wineco produces wine cooler as a blend of wine, grape juice and apple juice ingredients, which it sells for $4 per gallon. The costs of ingredients are given in the following table: Cooler Ingredient Price per Gallon ($) wines 1.20 grape juice 1.40 Apple juice 0.60 Wineco owns a blending plant with a production capacity of 200 gallons per day. Because the plant is fully automated, all other production costs are negligible by comparison to the cost of ingredients, and can be ignored. Government regulations mandate that wine cooler products must satisfy the following guidelines: At least 10% of the blend produced must be grape juice. The ratio of apple juice to grape juice in the blend produced must be 2.5:1 The blend produced must contain between 20% and 25% wine. Wineco wishes to use LP in order to determine the quantities of ingredients to buy for a day’s production of wine cooler, so…6. Laura is trying to decide whether to sell her knitted hats on Etsy, at a holiday bazaar, or in a local boutique. Demand could be 0 hats/month, 10 hats/month, or 20 hats/month. Given the payoff matrix below, what is her decision under equally likely? Demand = 0 Demand = 10 Demand = 20 Etsy -$70 $80 $230 Bazaar -$60 $90 $240 Boutique -$80 $70 $220 Select one: a. Etsy and boutique. b. Etsy only. c. Etsy and bazaar. d. Bazaar and boutique. e. All 3 are equally good. f. Bazaar only. g. None of them are good options. h. Boutique only.