Discussion
Consider the following statements :
(1) A reduntant constraint in an LP problem results in an infeasible solution
(2) A degenerate solution is totally meaningless to a manager
(3) The EOQ model of inventory management can be applied for determining the optimal production lot size
(4) LP technique cannot be used for finding the scope for increasing the price without disturbing the optimal product mix
Answer: B
Only statement (3) is true.
(3) is true: the EOQ logic, balancing set-up cost against holding cost, carries over to production in batches as the economic production (batch) quantity model.
(1) is false: a redundant constraint does not affect the feasible region at all, so it cannot make the problem infeasible. (2) is false: a degenerate solution is still a valid basic feasible solution; it can signal multiple optimal bases or cycling, but it is not meaningless. (4) is false: sensitivity analysis in LP gives exactly the range over which a price (objective coefficient) can rise without changing the optimal product mix.
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