1. The allowable range for an objective function coefficient indicates:

The prices a firm is allowed to charge for its product.

The largest error in estimating objective coefficients that will not affect the optimal solution.

The amount of each resource available for use.

The shadow price of each resource.

The price a firm would be willing to obtain more of a resource.

2. The Solver report that shows the allowable ranges for objective function coefficients, allowable ranges for constraint right-hand sides, and shadow prices is called the:

Range report.

Sensitivity report.

Parameter report.

Solution report.

Answer report.

3. When certain parameters of a model represent managerial policy decisions, what-if analysis provides information about what the impact would be of altering these policy decisions. TRUE or FALSE.