Question

________________is a quantitative technique used to determine the optimal mix of limited resources for maximising profits or minimising costs.

• A. Decision making
• B. Cost-benefit analysis
• C. Linear programming
• D. Capital budgeting

Answer 1

Answer:

C. Linear programming

Linear programming is a quantitative technique used to optimize limited resources for maximizing profits or minimizing costs. Real-life problems can be written in linear equations with defined variables and constraints. LP is used in industrial, management, and miscellaneous applications such as product mix, transportation, and diet problems. Inequalities are created and graphed to solve problems. LP can be done manually or with computational software.