Consider the Following Shortest-Route Problem Involving Seven Cities

question 54

Essay

Consider the following shortest-route problem involving seven cities.The distances between the cities are given below.Draw the network model for this problem and formulate the LP for finding the shortest route from City 1 to City 7. $$\begin{array} { c c } \text { Path } & \text { Distance } \\\hline 1 \text { to } 2 & 6 \\1 \text { to } 3 & 10 \\1 \text { to } 4 & 7 \\2 \text { to } 3 & 4 \\2 \text { to } 5 & 5 \\3 \text { to } 4 & 5 \\3 \text { to } 5 & 2 \\3 \text { to } 6 & 4 \\4 \text { to } 6 & 8 \\5 \text { to } 7 & 7 \\6 \text { to } 7 & 5\end{array}$$

Grasp the importance of adjusting GDP to obtain a more accurate indicator of economic well-being.

Know the implications of changes in private domestic investment on GDP.

Understand the role and impact of different behavioral science disciplines on organizational behavior.

Recognize the importance of critical thinking and evidence-based management in organizational settings.

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Definitions:

Deadweight Loss

A loss in total societal welfare that occurs when market equilibrium is not achieved or when market imperfections exist, leading to inefficient allocation of resources.

Relatively Inelastic

Describes a situation where the demand for a good or service changes by a smaller percentage than changes in its price.

Deadweight Loss

A situation where inefficiency in the market leads to a loss of total social welfare, typified by a gap between the supply and demand curves.

Relatively Elastic

Describes a situation where the demand or supply for a good or service significantly changes in response to changes in price.