# Economics

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Submitted By charisma
Words 922
Pages 4
Math PBAT: Linear Programming
Fall 2011
PBAT Outline

Fendi Footsey Wootsey

What is linear programming? “Linear programming is a mathematical method for determining a way to achieve the best outcome, in a given mathematical model for some lists of requirements represented as linear relationships.” (Definition of Linear programming, www.colombia.edu/~cs2035/courses/ieor4600.s07/ieci.pdf) The first component is the objective function represents your goal. It maximizes or minimizes a linear function of the decision variables. The second component is the constraints. The values of the decision variables must satisfy a set of constraints. Constraints indicate the limitation you have in achieving your goals. For example limitation/constraints could be “source resource”. With little cash available how much can you buy? How best would you invest your money? As a owner of a grocery store you base your prices on the demand for the products and how much the supply will cost you. Linear programming applies to Farmers, corporations, Small Businesses, Banks and even community based business like yard sales/Garage sales. My company, Fendi Footsey Wootsey, is in the business of keeping little dogs feet warm in the winter, away from the cold and from the harsh chemicals put on the ground for the snow. In the summer the pavement is too hot for their little paws. Fendi Footsey Wootseys’ Dog Boots are just good to put on your dogs to keep their little paws protected from any glass or debris that is lingering in the urban streets of New York City that may harm them.
To produce the one pair of Dog Boots, 2 hours of labor and 1 foot of rubber. Each foot of rubber cost me \$5.00. My company can only afford to pay for a total of 48 hours of labor a week. Each hour of labor cost me \$11.00.My budget is \$1,500.00 to start my company. The retail price of

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