MAT 540 Final Exam 1
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MAT 540 Final Exam
1). If we are solving a 0-1 integer programming problem, the constraint x1 = x2 is a conditional constraint.
2). In a total integer model, all decision variables have integer solution values.
3). In a transshipment problem, items may be transported from destination to destination and from source to source.
4). Validation of a simulation model occurs when the true steady state average results have been reached.
5). Excel can be used to simulate systems that can be represented by both discrete and continuous random variables.
6). Fractional relationships between variables are not permitted in the standard form of a linear program.
7). In a break-even model, if all of the costs are held constant, how does an increase in price affect the model?
8). Using the minimax regret criterion to make a decision,
9). Using the maximin criterion to make a decision,
10). A business owner is trying to decide whether to buy, ..........The conservative (maximin) strategy is:
11). An equation or inequality that expresses a resource restriction in a mathematical model is called _____________________.
12). Steinmetz furniture buys 2 products for resale: big shelves (B) and medium shelves (M). .........Profit for each big shelf is $85 and for each medium shelf is $75. What is the constraint on money to invest?
13). Steinmetz furniture buys 2 products for resale: big shelves (B) and medium shelves (M). ..........Profit for each big shelf is $85 and for each medium shelf is $75. What is the storage space constraint? Answer
14). The following is an Excel “Answer” and “Sensitivity” reports of a linear programming problem: The Answer Report: The Sensitivity Report: Which additional resources would you recommend to be increased?
15). The production manager for Beer etc. produces 2 kinds of beer: light (L) and dark (D)...........Profits for light beer are $2 per bottle, and profits for dark beer are $1 per bottle. What is the optimal weekly profit?
16). Compared to transportation LP problems, assignment problems are unique because Answer
17). The owner of Black Angus Ranch is trying to determine the correct mix of two types of beef feed, A and B which cost 50 cents and 75 cents per pound, respectively. ........The table also shows the minimum daily requirements of each ingredient.
18). In a capital budgeting problem, if either project 1 or project 2 is selected, then project 5 cannot be selected. Which of the alternatives listed below correctly models this situation?
19). If we are solving a 0-1 integer programming problem, the constraint x1 = x2 is a __________ constraint.
20). The assignment problem constraint x31+x32+x33+x34 ≤ 2 means
21). Consider the following network representation of shipment routes between plants, a distribution center, and retail outlets. The numbers next to the arcs represent shipping costs. For example, the cost of shipping from plant 1 to distribution center 3 is equal to 2.
22). Assume that it takes a college student an average of 5 minutes to find a parking spot in the main parking lot. ..........parking spot in the main parking lot?
23). Professor Truman would like to assign grades such that 10% of students receive As. If the exam average is 62 with a standard deviation of 13, what grade should be the cutoff for an A? (Round your answer.)
24).For the following frequency distribution of demand, the random number 0.8177 would be interpreted as a demand of:
25). A bakery is considering hiring another clerk to better serve customers...........How many customers would have arrived during this 30-minute period? Number of Arrivals Probability Random numbers 6 .1 .01 - .10 7 .3 .11 - .40 8 .3 .41 - .70 9 .2 .71 - .90 10 .1 .91 - .00
26). Consider the following graph of sales. Which of the following characteristics is exhibited by the data?
27). In the Monte Carlo process, values for a random variable are generated by __________ a probability distribution.
28). Joseph is considering pursuing an MS in Information Systems degree............The variable cost per unit is $10 and the revenue per unit is projected to be $50. Find the break-even point.
29). Students are organizing a "Battle of the Bands" contest. They know that at least 100 people will attend......In order to guarantee that they break even, how much should they charge for each ticket?
30). Tracksaws, Inc. makes tractors and lawn mowers. The firm makes a profit of $30 on each tractor and $30 on each lawn mower, and they sell all they can produce. The time requirements in the machine shop, fabrication, and tractor assembly are given in the table. Formulation: .........Write your answers with two significant places after the decimal and do not include the dollar “$” sign.
31). Tracksaws, Inc. makes tractors and lawn mowers. The firm makes a profit of $30 on each tractor and $30 on each lawn mower, and they sell all they can produce............Write your answers with two significant places after the decimal and do not include the dollar “$” sign.
32). Kitty Kennels provides overnight lodging for a variety of pets. An attractive feature is the quality of care the pets receive, including well balanced nutrition. ..........For instance, $9.45 (nine dollars and fortyfive cents) should be written as 9.45
34). Find the optimal Z value for the following problem. Do not include the dollar “$” sign with your answer. Max Z = x1 + 6x2 Subject to: 17x1 + 8x2 ≤ 136 3x1 + 4x2 ≤ 36 x1, x2 ≥ 0 and integer
35). Let’s say that a life insurance company wants to update its actuarial tables.........Please express your answer with two places after the decimal. Answer
36). Ms. Hegel is considering four different opportunities, A, B, C, or D. The payoff for each opportunity will depend on the economic conditions, represented in the payoff table below.........
37). The local operations manager for the IRS must decide whether to hire 1, 2, or 3 temporary workers. He estimates that net revenues will vary with how well taxpayers comply with the new tax code.........
38). The local operations manager for the IRS must decide whether to hire 1, 2, or 3 temporary workers. He estimates that net revenues will vary with how well taxpayers comply with the new tax code............
39). The following sales data are available for 2003-2008 .......necessary, round your result accordingly. For instance, 9.14677, should be expressed as 9.1468
40). Consider the following decision tree. The objective is to choose the best decision among the two available decisions A and B. Find the expected value of the best decision.