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Four items are for sale in the Dollar Value store. The product and sum of their prices is $7.11. What is the price of each item?
Practical Management Science
Solutions
Practical Management Science
Four items are for sale in the Dollar Value store. The product and sum of their prices is $7.11. What is the price of each item?
To determine: The price of each item.
Non-linear programming (NLP):
Non-linear programming (NLP) is used in complex optimization problems where the objectives or constraints or sometimes both are non-linear functions of the decision variables. A model can be termed as non-linear for more than one reason.
Explanation of Solution
Model:
This model makes the sum is equal to 7.11 by letting the first price (in pennies) be 711 subtracting from the rest. There are bounds on the other items so that the solver does not run infinitely.
For instance, the third highest price cannot be more than the cube root of 7.11. If it is not the product would be greater than 7...
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