True or False? Explain. (it's true, but I need explanation) If the reduced cost of a...
True or False? Explain. (it's true, but I need explanation)
If the reduced cost of a product (decision variable) is positive, then the objective function will decrease by the amount of the reduced cost if an additional such product is produced.
Homework Answers
Answer :
- True
Explanation:
- Reduced cost also known as opportunity cost it is the value by which the Objective function will improve / worsen , if we change the decision variable attached to that reduced cost.
- Depending upon the sign of reduced cost the objective function improves or worsen. If positive reduced cost objective function improves otherwise it will worsen.
- So in case of Cost optimization Objective function will be minimizing cost, so positive reduced cost means the overall cost will decrease by adding one unit of decision variable.
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