Question
Below is the formulation of a two variable linear program:
Max 45X + 30Y
Subject to:
Constraint #1 3X + 1.5Y ≤ 400
Constraint #2 4X + 3Y ≤ 600
Constraint #3 X ≥ 20
Constraint #4 Y ≥ 25
Constraint #5 3X + 4Y ≤ 720
a. Find the optimal decision and its objective function value.
b. Which constraints are binding, which are non-binding, and what are their slacks/surpluses?
c. What are the allowable increase and decrease of the coefficient of X in the objective function?
d. Pick a binding constraint. Determine the shadow price and its allowable increase and decrease.