Concept explainers
To compare: The corner point method and the iso-profit line method of solving graphical problems.
Introduction:
Linear programming:
It is a linear optimization technique followed to develop the best outcome for the problem in hand. The outcome might be of maximum profit or less cost which is represented by a linear relationship. The outcome will take into consideration the constraints present in achieving the solution.
Iso-profit line:
The iso-cost line will maximize the objective function inside the feasible region.
Corner point:
A corner point is a vertex in the feasible region. The corner points will only occur in the corners of a feasible region. The corner points are defined after making the graphical view of the feasible region.
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Operations Management
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- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,