How does linear programming optimize the use of scarce resources?
A)by finding the product mix that will maximize profits given the constraints.
B)by providing opportunity costs of constraints.
C)by allowing for sensitivity analysis.
D)All of the answers are correct.

Question

Quizplus · Accepted Answer

Linear programming is a mathematical technique used to optimize the use of limited resources by finding the best possible outcome among various alternatives. It does this by creating a model that takes into account various constraints and objectives, and then finding the optimal solution. This can be achieved by either maximizing profits, minimizing costs, or maximizing some other objective while still adhering to the constraints. In addition, linear programming can provide sensitivity analysis, allowing decision-makers to understand the impact of changes to constraints or assumptions. Therefore, all of the given answers are correct, and option D is the best choice.

How Does Linear Programming Optimize the Use of Scarce Resources