ECONOMICS : MATHEMATICS FOR ECONOMISTS III

LINEAR PROGRAMMING : MATHEMATICS FOR ECONOMISTS III Last document update:   ago

• In most business organizations, allocation of limited resources to unlimited needs is a major problem. Resources have to be allocated to the alternative that makes an economic agent most well off. • The management of a firm makes many allocations decisions within any given time. • Linear programming is a mathematical technique concerned with allocation of scarce resources. It involves optimization of an objective function subject to one or several constraints faced by the eco...