Linear Programming1

May 5th, 2015
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LINEAR PROGRAMMING Definition. A mathematical technique for solving constrained maximization and minimization problems when there are many constraints and the objective function to be optimized, as well as the constraints faced, are linear (i.e., can be represented by straight lines)

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Linear ProgrammingLINEAR PROGRAMMINGDefinition. A mathematical technique for solving constrained maximization and minimization problems when there are many constraints and the objective function to be optimized, as well as the constraints faced, are linear (i.e., can be represented by straight lines)Assumptions.-LP is based on the assumption that the objective function that the organization seeks to optimize (maximize or minimize), as well as the constraints that it faces, are linear and can be represented GRAPHICALLY by straight lines. -Input and output prices are constant

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