An Economic Interpretation of Linear Programming - download pdf or read online

By Quirino Paris

ISBN-10: 1137573929

ISBN-13: 9781137573926

This textual content covers the fundamental concept and computation for mathematical modeling in linear programming. It offers a powerful history on find out how to arrange mathematical proofs and high-level computation tools, and comprises colossal heritage fabric and course. Paris provides an intuitive and novel dialogue of what it skill to unravel a method of equations that could be a the most important stepping stone for fixing any linear software. The dialogue of the simplex approach for fixing linear courses supplies an financial interpretation to each step of the simplex set of rules. The textual content combines in a distinct and novel means the microeconomics of creation with the constitution of linear programming to provide scholars and students of economics a transparent concept of what it capability, formulating a version of monetary equilibrium and the computation of chance expense within the presence of many outputs and inputs.

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Extra resources for An Economic Interpretation of Linear Programming

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Ym ≥ x1 a11 a21 ... am1 c1 x2 a12 a22 ... am2 c2 ... ... ... xn a1n a2n ... amn cn ≤ b1 b2 ... bm ≤ The primal problem can be read by multiplying the variables xj to the coefficients in the corresponding columns. Similarly, the dual problem can be identified by multiplying the yi variables across the corresponding rows. The inequality in the northwestern corner represents the nonnegative values of both primal and dual variables. The inequalities in the northeast and southwest locations represent the primal and the dual constraints, respectively.

5 Why Another Linear Programming Book? ” What justifies another book on this subject? Two words: duality and symmetry. In many existing LP textbooks duality is not given a proper treatment. For economists, on the contrary, duality is the principal source of information about economic relations. The symmetry aspect of linear programming was clearly expounded in the pricetaking example. I propose, therefore, to devote this entire book to duality, 12 Chapter 1 symmetry, and economic interpretation of linear programming and the simplex method.

15. Fixed and variable costs. A family farm owns 100 acres of land and may access 3 units (man-year) of family labor (employed only on the farm). It can Introduction to Linear Programming 37 produce wheat, tomatoes and corn with given known technologies (choose aij for these technical coefficients). It can rent additional land from neighbors at $200 per acre and can hire more labor at $80 per day. Choose cj as the market prices of the corresponding commodities j = w, t, c. Formulate the dual pair of a price-taker’s LP problems and discuss fixed and variable costs.

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An Economic Interpretation of Linear Programming by Quirino Paris

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