BIT 3434 MIDTERM STUDY SET

In the following expression, which is (are) the dependent variable(s)? PROFIT = REVENUE - EXPENSES A) Profit B) Revenue C) Expenses D) both B and C

A) Profit

The constraints of an LP model define the... A) feasible region B) practical region C) maximal region D) opportunity region

A) feasible region

Framing effect refers to: A) how a decision maker views the alternatives in a decision problem B) how difficult the decision is C) whether a software program can be used to obtain an optimal solution to a decision problem D) how structured the decision problem is

A) how a decision maker views the alternatives in a decision problem.

If there is no way to simultaneously satisfy all the constraints in an LP model the problem is said to be... A) infeasible B) open ended C) multi-optimal D) unbounded

A) infeasible

A redundant constraint is one which... A) plays no role in determining the feasible region of the problem B) is parallel to the level curve C) is added after the problem is already formulated D) can only increase the objective function value

A) plays no role in determining the feasible region of the problem

Suppose that a constraint 4X1 + 6X2 >= 1800 is binding. Then, a constraint 2X1 + 3X2 >= 600 is... A) redundant B) binding C) limiting D) infeasible

A) redundant

The solution to an LP problem is degenerate if zero... A) the right hand sides of any of the constraints have an allowable increase/decrease of 0 B) shadow prices of any of the constraints have allowable increase/decrease of infinity C) objective coefficients of any variables have allowable increase/decrease of 0 D) shadow prices of any of the constraints have allowable increase/decrease of 0

A) the right hand sides of any of the constraints have an allowable increase/decrease of 0

When do alternate optimal solutions occur in LP models? A) when a binding constraint is parallel to a level curve. B) when a non-binding constraint is perpendicular to a level curve C) when a constraint is parallel to another constraint D) alternate optimal solutions indicate an infeasible condition

A) when a binding constraint is parallel to a level curve

A binding greater than or equal to constraint in a minimization problem means that... A) the variable is up against an upper limit B) the minimum requirement for the constraint has just been met C) another constraint is limiting the solution D) the shadow price for the constraint will be positive

B) the minimum requirement for the constraint has just been met

In a decision-making problem, anchoring effects occur when... A) decision makers are tied too closely to previous decisions B) organizations refuse to consider new alternatives C) a seemingly trivial factor serves as a starting point for estimations D) a person in a position of authority exerts his or her opinion very forcefully

C) a seemingly trivial factor serves as a starting point for estimations

A facility produces two products. The labor constraint (in hours) is formulated as: 350X1 + 300X2 <= 10,000. The number 10,000 represents... A) a profit contribution of one unit of product 1 B) one unit of product 1 uses 10,000 hours of labor C) there are 10,000 hours of labor available for use D) the problem has no objective function

C) there are 10,000 hours of labor available for use

If the allowable increase for a constraint is 100 and we add 110 units of the resource what happens to the objective function value? A) increase of 100 B) increase of 110 C) decrease of 100 D) increases but by unknown amount.

D) Increases but by unknown amount

Level curves are used when solving LP models using the graphical method. To what part of the model do level curves correspond? A) constraints B) boundaries C) right hand sides D) objective function

D) objective function

A change in the right hand side of a constraint changes... A) the slope of the objective function B) objective function coefficients C) other right hand sides D) the feasible region

D) the feasible region