8.6 - Cost Minimization in Linear Programming
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Practice Questions
Test your understanding with targeted questions
What is the objective of linear programming?
💡 Hint: Think about how resources are utilized in production.
Define surplus storage costs.
💡 Hint: Consider the implications of unsold inventory.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What does a linear program aim to do?
💡 Hint: Consider the objectives of business operations.
True or False: The simplex algorithm can only solve problems where all variables are integers.
💡 Hint: Think about the nature of the variables in most linear programs.
2 more questions available
Challenge Problems
Push your limits with advanced challenges
Develop a complete linear programming model that includes all potential costs associated with producing 700 carpets in a month. Assume demand fluctuations necessitate holding extra inventory.
💡 Hint: Include all costs and maximize production efficiency.
Given different monthly demands (from 320 to 920) and production capacities, how would you adjust your workforce if previously hired workers are non-integers?
💡 Hint: Focusing on the demand fluctuations will be key in adjusting numbers.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.