The Optimal Linear Programming Solution to the Kings Department Store

question 19

Essay

The optimal linear programming solution to the Kings Department Store problem in problem 1 is 131.58 bracelets and 57.89 necklaces.
A.Characterize the (i) rounded off solution; and (ii) the rounded down solution.
B.The shadow price associated with emeralds in the linear programming solution is $13.16, and the upper limit of the range of feasibility for emeralds is 1066.67.A gem buyer at Kings reasoned that since the purchase of emeralds is an included cost, he should be willing to pay up to $13.16 above Kings' current cost for emeralds.When he found a seller who would sell him 100 additional emeralds at $13.00 over the original cost, he purchased them, figuring it would add 100($13.16 - $13.00) = $16 to company profits.He said, "Hey, $16 is $16." Why might he be looking for another job?

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Definitions:

Psychological Needs

Essential emotional or psychological requirements for well-being and proper development, including needs for belonging, esteem, and self-actualization.

Suspend Judgment

Temporarily refraining from making a decision or forming an opinion until all evidence and facts are known.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often resulting in prejudice against other groups.

Enculturation

The process by which people learn the dynamics of their surrounding culture and acquire values and norms appropriate or necessary in that culture.