21 Jun WHAT ARE THE ASSUMPTIONS AND REQUIREMENTS FOR AN LP MODEL TO BE FORMULATED AND USED?
answer all questions in word format put answers in red and INCLUDE the question
1. 7-1 Discuss the similarities and differences between minimization and maximization problems using the graphical solution approaches of LP.
2. 7-2 It is important to understand the assumptions underlying the use of any quantitative analysis model. What are the assumptions and requirements for an LP model to be formulated and used?
3. 7-3 It has been said that each LP problem that has a feasible region has an infinite number of solutions. Explain.
4. 7-4 You have just formulated a maximization LP problem and are preparing to solve it graphically. What criteria should you consider in deciding whether it would be easier to solve the problem by the corner point method or the isoprofit line approach?
5. 7-5 Under what condition is it possible for an LP problem to have more than one optimal solution?
6. 7-6 Develop your own set of constraint equations and inequalities, and use them to illustrate graphically each of the following conditions:
7. an unbounded problem
8. an infeasible problem
9. a problem containing redundant constraints
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