ECON 3300 QUIZ 2 CH 2,3,4 WITH ANSWERS

ECON 3300 QUIZ 2 CH 2,3,4 WITH
ANSWERS

Decision variables

Question 1 options:




tell how much or how many of something to produce, invest, purchase, hire, etc.




represent the values of the constraints




measure the objective function




must exist for each constraint


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Question 2 (1 point)


Slack

Question 2 options:




is the difference between the left and right sides of a constraint.

, ECON 3300 QUIZ 2 CH 2,3,4 WITH
ANSWERS

is the amount by which the left side of a < constraint is smaller than the right side




is the amount by which the left side of a > constraint is larger than the right
side




exists for each variable in a linear programming problem


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Question 3 (1 point)


To find the optimal solution to a linear programming problem using the graphical method
Question 3 options:




find the feasible point that is the farthest away from the origin

, ECON 3300 QUIZ 2 CH 2,3,4 WITH
ANSWERS

find the feasible point that is at the highest location




find the feasible point that is closest to the origin


None of the alternatives is correct




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Question 4 (1 point)


The changes in the value of the objective function per unit increase in a right-hand side is the

Question 4 options:




sensitivity value




shadow price




constraint coefficient