Quantitative Methods Test 1
(Ch. 1-4) with correct questions
and answers
usr
[COMPANY NAME] [Company address]
, 1. A hot dog manufacturer wishes to minimize the cost in dollars of
producing a low-cost niched product while meeting the dietary
guidelines for protein and sodium. Once the model has been run, the
surplus variable in the sodium con- straint has a value of 1300
milligrams. The best interpretation of this outcome is Answer: Answer: The
minimum cost hot dog has 1,300 milligrams more sodium than required by the constraint.
2. A shadow price reflects which of the following in a maximization
problem? Answer: The marginal gain in the objective that would be realized by adding one
unit of a resource
3. A slack variable Answer: Answer: Is the amount by which the left side of a <= constraint is
smaller than the right side
4. A university is planning an online seminar. It costs $30 to live
stream an instructor from Elbonia. Assume it costs $25 per student
for the administrators to provide the course materials. If we know
that 20 people will attend, what price should be charged per person
to break even? Answer: $26.50
5. Aunt Anastasia operates a small business Answer: she produces
seasonal ceramic objects to sell to tourists. For the spring, she is
planning to make baskets, eggs, and rabbits.
Which additional resources would you recommend that Aunt
Anastasia try to obtain? Answer: Kiln
6. Aunt Anastasia operates a small business Answer: she produces
seasonal ceramic objects to sell to tourists. For the spring, she is
planning to make baskets, eggs, and rabbits.
Aunt Anastasia's profit for Eggs has increased to $1.60. How will this
affect her solution? Answer: They will continue to make 25 Baskets, 0 Eggs, and 25 Rabbits
7. Aunt Anastasia operates a small business Answer: she produces
seasonal ceramic objects to sell to tourists. For the spring, she is
planning to make baskets, eggs, and rabbits.
Aunt Anastasia is planning for next spring, and she is considering
2/
8
(Ch. 1-4) with correct questions
and answers
usr
[COMPANY NAME] [Company address]
, 1. A hot dog manufacturer wishes to minimize the cost in dollars of
producing a low-cost niched product while meeting the dietary
guidelines for protein and sodium. Once the model has been run, the
surplus variable in the sodium con- straint has a value of 1300
milligrams. The best interpretation of this outcome is Answer: Answer: The
minimum cost hot dog has 1,300 milligrams more sodium than required by the constraint.
2. A shadow price reflects which of the following in a maximization
problem? Answer: The marginal gain in the objective that would be realized by adding one
unit of a resource
3. A slack variable Answer: Answer: Is the amount by which the left side of a <= constraint is
smaller than the right side
4. A university is planning an online seminar. It costs $30 to live
stream an instructor from Elbonia. Assume it costs $25 per student
for the administrators to provide the course materials. If we know
that 20 people will attend, what price should be charged per person
to break even? Answer: $26.50
5. Aunt Anastasia operates a small business Answer: she produces
seasonal ceramic objects to sell to tourists. For the spring, she is
planning to make baskets, eggs, and rabbits.
Which additional resources would you recommend that Aunt
Anastasia try to obtain? Answer: Kiln
6. Aunt Anastasia operates a small business Answer: she produces
seasonal ceramic objects to sell to tourists. For the spring, she is
planning to make baskets, eggs, and rabbits.
Aunt Anastasia's profit for Eggs has increased to $1.60. How will this
affect her solution? Answer: They will continue to make 25 Baskets, 0 Eggs, and 25 Rabbits
7. Aunt Anastasia operates a small business Answer: she produces
seasonal ceramic objects to sell to tourists. For the spring, she is
planning to make baskets, eggs, and rabbits.
Aunt Anastasia is planning for next spring, and she is considering
2/
8
