1. The shadow price is the: a. The marginal improvement in the objective functio

Question

1. The shadow price is the: a. The marginal improvement in the objective function by relaxing the constraint by one unit b. Indicates the cost of adding one unit of the constraint c. The amount by which the LHS falls short of the RHS in the constraint 2. Binding constraints in an LP formulation have slack/surplus a) True b) False 3. Activity slack is defined as: a) latest start time minus earliest start time b) earliest start time minus latest start time. c) earliest finish time minus latest finish time. d) latest finish time minus earliest start time.

Explanation / Answer

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1) Correct option is optionn (a), Shadow price is the marginal price i.e. what will be the effect on objective fucntion per unit increase or decrease in RHS of contraint.

2.. False: Binding constraints carry no slack or suplus that why they are binding.

3. Option-A, Activity slack is the difference between latest start and earliest start and latest finish and earliest finsih.

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