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Which is true about shadow price? ( Choose all true statements)

1. If shadow price is positive and if the objective is to maximize profit it means that the profit will decrease if the right hand side of the constraint increases.

2. Shadow price reflect the change in the final values of the decision variables where there is a unit change in the right hand side of the repective constraint.

3. If shadow price is positive and if the objective is to maximize profit, it means that the profit will increase if the right hand side of the constraint increases.

4. If shadow price is negative and if the objective is to maximize profit, it means that the profit will increase if the right hand side of the constraint increases.

5. If shadow price is positive and if the objective is to maximize profit, it means that the profit will decrease if the right hand side of the constraint increases

6. If shadow price is negative and if the objective is to maximize profit, it means that the profit will decrease if the right hand side of the constraint increases.

7. Shadow price reflects the change in object function, when there is a unit change in the right hand side respective constraint.

8. If shadow price is positive and if the objective is to maximize profit, it means that the profit will increase if the right hand side of the constraint decreases.

Operation Management, Management Studies

  • Category:- Operation Management
  • Reference No.:- M92490678

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