MAT 540 FINAL EXAM Excel can be used to simulate systems that can be represented by both discrete and continuous random variables. cycle is an up and down movement in demand that repeats itself in less than 1 year. In a total integer model, all decision variables have integer solution values. Fractional relationships between variables are not permitted in the standard form of a linear program. n an unbalanced transportation model, supply does not equal demand and one set of constraints uses â‰¤ signs. a transshipment problem, items may be transported from destination to destination and from source to source. In linear programming problems, multiple optimal solutions occur Answer An equation or inequality that expresses a resource restriction in a mathematical model is called _____________________. Answer The probability of observing x successes in a fixed number of trials is a problem related to Events that cannot occur at the same time in any trial of an experiment are: In a break-even model, if all of the costs are held constant, how does an increase in price affect the model? Steinmetz furniture buys 2 products for resale: big shelves (B) and medium shelves (M). Each big shelf costs $100 and requires 100 cubic feet of storage space, and each medium shelf costs $50 and requires 80 cubic feet of storage space. The company has $25000 to invest in shelves this week, and the warehouse has 18000 cubic feet available for storage. Profit for each big shelf is $85 and for each medium shelf is $75. What is the constraint on money to invest? Answer Steinmetz furniture buys 2 products for resale: big shelves (B) and medium shelves (M). Each big shelf costs $100 and requires 100 cubic feet of storage space, and each medium shelf costs $50 and requires 80 cubic feet of storage space. The company has $25000 to invest in shelves this week, and the warehouse has 18000 cubic feet available for storage. Profit for each big shelf is $85 and for each medium shelf is $75. What is the storage space constraint? The following is an Excel â€œAnswerâ€ and â€œSensitivityâ€ reports of a linear programming problem: For a maximization problem, assume that a constraint is binding. If the original amount of a resource is 4 lbs., and the range of feasibility (sensitivity range) for this constraint is from 3 lbs. to 6 lbs., increasing the amount of this resource by 1 lb. will result in the: Answer Compared to transportation LP problems, assignment problems are unique because In a portfolio problem, X1, X2, and X3 represent the number of shares purchased of stocks 1, 2, an 3 which have selling prices of $15, $47.25, and $110, respectively. The investor has up to $50,000 to invest. An appropriate part of the model would be In a capital budgeting problem, if either project 1 or project 2 is selected, then project 5 cannot be selected. Which of the alternatives listed below correctly models this situation? The Kirschner Company has a contract to produce garden hoses for a customer. Kirschner has 5 different machines that can produce this kind of hose. Write the constraint that indicates they have to use at least three of the five machines in their production. 5 out of 5 points The following table represents the cost to ship from Distribution Center 1, 2, or 3 to Customer A, B, or C. The constraint that represents the quantity supplied by DC 1 is: Answer A professor needs help from 3 student helpers to complete 4 tasks. The first task is grading; the second is scanning; the third is copying, and the fourth is organizing student portfolios. The estimated time for each student to do each task is given in the matrix below. Which of the following constraints represents the assignment for student A? Professor Dewey would like to assign grades such that 15% of students receive As. If the exam average is 62 with a standard deviation of 13, what grade should be the cutoff for an A?