When mathematicians are presented with a linear programming problem, they will not only determine the optimal solution but will also supply what are called shadow prices for each resource. This chapter project develops the concept of a shadow price.
Consider the furniture manufacturing problem. The constraint for finishing is
Fill in the blanks in the following sentence: The shadow price associated with a resource can be interpreted as the change in value of the ______ ______ per unit change of the availability of the resource.
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Finite Mathematics & Its Applications (12th Edition)
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- Making furniture Two woodworkers, Chase and Devin, get 100 for making a table and 80 for making a chair. On average, Chase must work 3 hours and Devin 2 hours to make a chair. Chase must work 2 hours and Devin 6 hours to make a table. If neither wishes to work more than 42 hours per week, how many tables and how many chairs should they make each week to maximize their income? Find the maximum income. Table Chair Time Available Devins Time hr 6 2 42 Chases Time hr 2 3 42 Income 100 80arrow_forwardIn Example 5, the candy manufacturer improves the production of chocolate-covered creams so that the profit is $2.50 per box. The constraints do not change. What is the maximum monthly profit? How many boxes of each type are produced per month to yield the maximum profit?arrow_forward
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