The value of an objective function decreases as it is moved away from the origin O True O False
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- Suppose that GLC earns a 2000 profit each time a person buys a car. We want to determine how the expected profit earned from a customer depends on the quality of GLCs cars. We assume a typical customer will purchase 10 cars during her lifetime. She will purchase a car now (year 1) and then purchase a car every five yearsduring year 6, year 11, and so on. For simplicity, we assume that Hundo is GLCs only competitor. We also assume that if the consumer is satisfied with the car she purchases, she will buy her next car from the same company, but if she is not satisfied, she will buy her next car from the other company. Hundo produces cars that satisfy 80% of its customers. Currently, GLC produces cars that also satisfy 80% of its customers. Consider a customer whose first car is a GLC car. If profits are discounted at 10% annually, use simulation to estimate the value of this customer to GLC. Also estimate the value of a customer to GLC if it can raise its customer satisfaction rating to 85%, to 90%, or to 95%. You can interpret the satisfaction value as the probability that a customer will not switch companies.TRUE OR FALSE The objective function may be expressed as an equation or as an inequality.TRUE OR FALSE In a simplex maximization slack variable is added to convert the objective function to equation.
- If a convex function is multiplied by a negative constant, the result: A. is concave B. could be either convex or concave, depending on the value of the constant C. is convex D. is linearHome mortgage lenders often charge points on a loan in order to avoid exceeding a legal limit on interest rates or to make their rates appear competitive with those of other lenders. As an example, with a two-point loan, the lender would loan only $98 for each $100 borrowed. The borrower would receive only $98 but would have to make payments just as if he or she had received $100. In this way, the lender can make more money while keeping his or her interest rate lower. Suppose that you receive a loan of $260,000 payable at the end each month for 30 years with an interest rate of 9% compounded monthly, but you have been charged three points. What is the effective interest rate on this home mortgage loan?Which of the following is true regarding the linear programming formulation of a transportation problem that doesn't have any unacceptable routes? The number of constraints is calculated as number of origins times number of destinations. The constraints' left-hand-side coefficients are less than zero. The objective function value is either 0 or 1. The number of variables is calculated as number of origins times number of destinations.
- The cost per day of running a hospital is 200,000 +0.5x2 dollars, where x is the number of patients served per day. What number of patients served per day minimizes the cost per patient per day of running thehospital if the hospital’s daily capacity is 300 patients? How does the solution change as the hospital’s capacity increases? Let capacity increase from 300 to500 in increments of 25.A business student at Nowledge College must complete a total of 65 courses to graduate. The number of business courses must be greater than or equal to 23. The number of nonbusiness courses must be greater than or equal to 20. The average business course requires a textbook costing $60 and 120 hours of study. Nonbusiness courses require a textbook costing $24 and 200 hours of study. The student has $3,000 tospend on books.a. Create a set of linear equations to describe the objective function and the constraints.b. Use graphic analysis to find the visual solution.c. What combination of business and nonbusiness courses minimizes total hours of study?d. Identify the slack or surplus variables.Which of the following is not involved in a linear programming problem? a. variable b. solution set c. objective function d. condition The statement |x| = -x is true if: a. x≥0 b. x≤0 c. x ≠0 d. x>0
- TRUE OR FALSE In the simplex minimization method, optimality is signaled by the presence of all positive values in the Cj-Zj rowA company has one machine which can be used to make product Alpha and product Beta. Each unit of product Alpha requires 45 minutes of machine time, while each unit of product Beta requires 37 minutes of machine time. The machine can be used for 8 hours per day and 5 days per week. Next week the company will produce 23 units of product Alpha. After completing the production of Alpha, the company will produce product Beta. How many units of product Beta can be produced next week? Use at least 4 decimals.You must showm your calculation steps and brief explanation on your Excel spreadsheets.Which of the following is true? 1.Multistart feature in Solver guarantees that the solution obtained from Solver is a global optimal solution. 2.A nonlinear optimization problem can have multiple global optimal solutions. 3.A local optimum for an optimization problem is the best point in the feasible region. 4.There is no guarantee that a solution of a linear programming model obtained from Solver is a global solution.