19 Aug The shadow price (or marginal value) is the maximum amou
The shadow price (or marginal value) is the maximum amount that the manager would be willing to pay for an additional unit of a resource. This is also the dual value which is not the purchase price, but the maximum amount it would cost to get more of that particular resource. This also gives managers an idea whether or not the sensitivity analysis range is still valid. Any amounts past the upper limit or lower limit will change the shadow price. This helps managers with budgeting for labor costs as well as to determine if additional resources are needed to complete a task. It gives managers an idea of what the surplus or slack hours of labor to project what the P/L impact would be to the company.
RESPONSE 2
I found linear programming problems in excel to be a little bit of a chanellege.Not understand where things went or where to place the formal were my biggest problem starting off. First I had to enter the descriptions of each variable, the objective function, and all the constraints. Shadow price associated with particular constraint tells that how much the optimal value of objective would increase per unit increase in the amount of resource available. Hence, Shadow associated with a resource tells you how much more profit you would get by increasing the amount of that resource by one unit. YouTube was a helping resource in figure out this problems
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