Question

a. For which decision environment is linear programming most suited?

b. What is meant by the term "feasible solution space"? What determines this region?

c. What is an isocost line? An isoprofit line?

Answer 1

A. Linear programming most suited in situations where there are many variables and specific constraints . this type of prgramming works best to obtain optimal solution to problem where there is a single objectives.

B. The feasible solution space refers to the set of all feasible combination of decision variable as defined by the constraints. This region is determined by the geographical region that consists of all the possible solution of the decision variables including optimal and unoptimal decision.

C. Isocost line illustrate all the possible combinations of two factor that can be used at given costs and for a given producer budget. An isocost line represent the combination of inputs which all cost the same amount.

Isoprofit line is defined as a graph of the profit function. isoprofit is a line which represents the optimal solution point in a graphical solution.