Answer the following:

AnswerTrueFalse - The binding part of the sensitivity report gives the maximum we should pay for one more resource.

AnswerTrueFalse - If a constraint has slack, the resource has a nonzero shadow price.

AnswerTrueFalse - If a constraint has a nonzero slack, it is not binding.

AnswerTrueFalse - A constraint with a nonzero shadow price is not binding.

AnswerTrueFalse - Slack tells us how many extra resources are available.

AnswerTrueFalse - The shadow price is the maximum we should pay for one more resource.

AnswerTrueFalse - If a resource has a nonzero shadow price, the constraint has zero slack.

AnswerTrueFalse - The shadow price tells us how many extra resources are available.

AnswerTrueFalse - A constraint cannot be binding and have nonzero slack.

AnswerTrueFalse - If a constraint is not binding, the resource has a shadow price of 0.

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The problem below is written one sentence per paragraph. Indicate if the sentence contains information on a constraint.

AnswerConstraintOther Info - For a telephone survey, a marketing research group needs to contact at least 120 wives, 150 husbands, 100 single adult males, and 110 single adult females.

AnswerConstraintOther Info - It costs $2 to make a daytime call.

AnswerConstraintOther Info - It costs $5 to make an evening call.

AnswerConstraintOther Info - The difference in costs is caused by changes in the labor rates of the callers.

AnswerConstraintOther Info - The results of a call during the daytime are: 10% answered by a wife, 30% answered by a husband, 10% answered by a single male, 10% answered by a single female, and 35% not answered at all.

AnswerConstraintOther Info - The results of a call during the evening are 30% answered by a wife, 30% answered by a husband, 15% answered by a single male, 10% answered by a single female, and 5% not answered at all.

AnswerConstraintOther Info - To find the number of calls received by a certain type of individual, multiply the number of calls times the percentage answered for that type of individual.

AnswerConstraintOther Info - Calculate the number of calls received for both daytime and evening calls, then add the results.

AnswerConstraintOther Info - For example, If there were 200 daytime calls and 300 evening calls, then the calls would reach 65 single males (200*10%) + (300*15%) = 20 + 45 = 65.

AnswerConstraintOther Info - Formulate an LP model for this problem.

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Maurice has is considering four different investments. Each of the investments costs the same amount of money. The estimated final value of the investments is shown in the table below.

	Situation A	Situation B	Situation C	Situation D
Investment A	940,000	1,182,000	967,000	1,110,000
Investment B	1,001,000	949,000	979,000	1,099,000
Investment C	994,000	1,172,000	1,029,000	927,000
Investment D	1,087,000	1,072,000	920,000	1,051,000
Probability	10%	40%	30%	20%

If we are using the optimistic decision making method, we should choose: AnswerSituation CSituation BSituation DInvestment BInvestment DInvestment ASituation AInvestment C

If we are using the pessimistic decision making method, we should choose: AnswerSituation ASituation DInvestment CInvestment DSituation CSituation BInvestment AInvestment B

Calculate the regret for Investment A, Situation D. (no $ or commas, for example 12345678) Answer Calculate the regret for Investment B, Situation C. (no $ or commas, for example 12345678) Answer

if we are using the minimax regret decision making method, we should choose: AnswerInvestment BSituation CSituation BSituation ASituation DInvestment AInvestment DInvestment C

Calculate the expected value for Investment B. (no $ or commas, for example 12345678) Answer Calculate the expected value for Investment C. (no $ or commas, for example 12345678) Answer

If we are using the expected value decision making method, we should choose: AnswerSituation BSituation CSituation DSituation AInvestment AInvestment CInvestment BInvestment D

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How do you know which cells are the changing cells? Select two answers.

Changing cells may be Excel formulas or numerical inputs.

Changing cells are always numerical inputs.

Changing cells are always Excel formulas.

Changing cells are the question you are being asked to decide.

Changing cells are the answer to the decision you are trying to make.

Changing cells are the cells that tell you which answer is best.

How do you know which cell is the objective cell? Select two answers.

The objective cell is always an Excel formula.

The objective cell may be an Excel formula or a numerical input.

The objective cell is always a numerical input.

The objective cell is the answer to the decision you are trying to make.

The objective cell is the cell that tells you which answer is best.

The objective cell is the question you are being asked to decide.