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LINEAR PROGRAMMING : MATHEMATICS FOR ECONOMISTS III
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• In most business organizations, allocation of limited resources to unlimited needs is a major problem. Resources have to be allocated to the alternative that makes an economic agent most well off. • The management of a firm makes many allocations decisions within any given time. • Linear programming is a mathematical technique concerned with allocation of scarce resources. It involves optimization of an objective function subject to one or several constraints faced by the economic agent. • Optimization could either be maximization or minimization problem. For a problem to be solved using linear programming technique, a number of conditions must hold.
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