BUSOBA 2321 EXAM 1 EXAM WITH
CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
LATEST 2025 ALREADY GRADED A+
corner point property - ANSWERS-- fundamental rule of LP
- an optimal solution must lie at one or more corner points of the feasible region
Optimal solution - ANSWERS-- the point(s) that results in the best objective
function value
- binding (active) constraint: restricts the solution; 0 slack or surplus
- non binding (inactive) constraint: does not restrict the solution; non-zero slack
or surplus
<= constraint deals with slack
>= constraint deals with surplus
, Iso- or Level-line Solutions - ANSWERS-- take objective function equation and
solve for X1 or X2 to get into y=mx+b form
- as profit increases, you get closer and closer to optimal profit line
- slopes does not change, parallel lines, only y intercept changes
Types of solutions for LP - ANSWERS-1. UNIQUE optimal solution- a single set of
values for the decision variables at which we have the best objective function
value
2. MULTIPLE optimal solution- two or more corner points will yield the same
objective function value; slope of objective function is equal to the slope of an
active constraint; all points on the line segment connecting the optimal corner
points are optimal
3. INFEASIBLE solution- no combination of values for the decision variables will
satisfy all constraints simultaneously
4. UNBOUNDED solution- when your region is not bounded at al ends; objective
function value becomes more optimal as the variable approaches infinity; need
to test another point to see if it is unbounded or not
general vs. specific statement - ANSWERS-- general: good for any order
quantity; in ratios; decision variable vales are greater than or less than a
number
- specific: only works at certain values; much stricter solution; decision variable
values are equal to a number and plugged into constraint as that number
EMV (Expected Monetary Value) - ANSWERS-- for each alternative, calculate by
Σ (probability of outcome) x (payoff of outcome); want highest
CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
LATEST 2025 ALREADY GRADED A+
corner point property - ANSWERS-- fundamental rule of LP
- an optimal solution must lie at one or more corner points of the feasible region
Optimal solution - ANSWERS-- the point(s) that results in the best objective
function value
- binding (active) constraint: restricts the solution; 0 slack or surplus
- non binding (inactive) constraint: does not restrict the solution; non-zero slack
or surplus
<= constraint deals with slack
>= constraint deals with surplus
, Iso- or Level-line Solutions - ANSWERS-- take objective function equation and
solve for X1 or X2 to get into y=mx+b form
- as profit increases, you get closer and closer to optimal profit line
- slopes does not change, parallel lines, only y intercept changes
Types of solutions for LP - ANSWERS-1. UNIQUE optimal solution- a single set of
values for the decision variables at which we have the best objective function
value
2. MULTIPLE optimal solution- two or more corner points will yield the same
objective function value; slope of objective function is equal to the slope of an
active constraint; all points on the line segment connecting the optimal corner
points are optimal
3. INFEASIBLE solution- no combination of values for the decision variables will
satisfy all constraints simultaneously
4. UNBOUNDED solution- when your region is not bounded at al ends; objective
function value becomes more optimal as the variable approaches infinity; need
to test another point to see if it is unbounded or not
general vs. specific statement - ANSWERS-- general: good for any order
quantity; in ratios; decision variable vales are greater than or less than a
number
- specific: only works at certain values; much stricter solution; decision variable
values are equal to a number and plugged into constraint as that number
EMV (Expected Monetary Value) - ANSWERS-- for each alternative, calculate by
Σ (probability of outcome) x (payoff of outcome); want highest
