ITM 501 Lecture 7: ITM501 Lecture 7

• School: Ryerson University
• Department: Information Technology Management
• Course: ITM 501
• Professor: Amir Gandomi

Document Summary

Thisexpression is justtheequationofa line called isoprofit line represents all combosof ctc thatyield a totalprofit of 2100. Solvingfor axisintercepts drawthe graph proceedexactly as wedid toplotconstraint line. Eg let f 0 solve for c u. No solution to theproblem that satisfies allthe constraint equations. A common occurrence in the real world eg one constraint states x 2300 3second is x e 220 no feasible solutionresults. Generally one or more constraints are relaxeduntil a solution isfound. 2 unboundness when profit in a maximization problemcanbeinfinitely large theproblemis unbounded4 is missingone or moreconstraints. Sometimes a linearprogrammingproblem will nothave a finite solution. Usuallymeansthe problem hasbeenformulated improperly c this maximization problem 7feasible regionextendsinfinitelytotherightthere is unboundedness. One or more constraints maybe binding or restrictivethanthe redundantconstraint. The3rd constraint is less binding butfirst 2 are indeedmorerestrictive. 4 alternate optimalsolutions occasionally 2 ormore optimalsolutionsmayexist graphically this occurswhenthe objectivefunction"s 150profit or parallelto one of theconstraints same slope isocost lineruns perfectly.