1. Decide whether each of the following statements is true or false. You do not need to explain your answer.
1. There can be only one optimal solution.
2. The set of solution points that satisfies all of a linear programming problem’s constraints simultaneously is defined as the feasible region in graphical linear programming.
3. An objective function is necessary in a maximization problem but is not required in a minimization problem.
4. The objective function shown is a legitimate expression in linear programming: Max Profit = \$7X + \$8Y + \$5XY.
2. Optimization in Daily Life: Think about your favorite activity, hobbies or any kind of activity from your daily life. Find a problem which can be modeled with optimization. Now, think about the formulation steps for this activity using optimization and answer the formulation step questions below. (Note that you do not need to write a mathematical model.)
1. What is the decision to make?
2. What is the objective criterion?
3. What are the constraints for the decision?
3. Optimization for Business Decision Making: Think about a job/internship you have had in the past or you would like to have in the future. Consider business decisions for this work and demonstrate how you could use optimization to improve your decision making. Note that you need to write a question and formulate the problem using a mathematical model for this question. In your formulation make sure to