In this article we will discuss about Linear programming (L.P.):- 1. Concept of Linear Programming 2. Applications of Linear Programming 3. Assumptions of the Linear Programming Model 4. Formulation. Concept of Linear Programming: Linear programming (L.P) is a widely used mathematical optimization technique which was developed in 1947 by George B. Dantzig for solving planning problems of the U.S. Air [...]
The below mentioned article provides an overview on the application of linear programming to the theory of firm. The neo-classical theory of the firm analyses the problem of decision-making with one or two variables at a time. It is concerned with one production process at a time. The production function in linear programming goes beyond these limited fields of economic [...]
In this article we will discuss about Linear Programming (LP). After reading this article we will learn about: 1. Meaning of Linear Programming 2. Limitations of Linear Programming. Meaning of Linear Programming: LP is a mathematical technique for the analysis of optimum decisions subject to certain constraints in the form of linear inequalities. Mathematically speaking, it applies to those problems [...]