Can you think of other situations where linear programming would be applicable?

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PROMPT:

How did you find our study of linear algebra?

Can you think of other situations where linear programming would be applicable?

Can you think of other situations where Markov chains might be applicable?

Lesson

This lesson introduces linear programming. It begins with some examples of linear programming problems. We then define convex sets and how to test whether a set is convex. Convex sets provide a fundamental mechanism for economics to describe what and how resources are available, for example, the inputs for a production process or the consumption set available to a consumer. We will also introduce Markov Chain models. Markov chains represent a simple and elegant way to model phenomena where the state of someone or something is changing and for which that is memoryless. That is, where you go from one state to the next depends only on the state you’re currently in. A Markov chain uses transition probabilities which describe the likelihood that you go from one state to another. For example, when you are playing a board game that uses dice for your moves, your next move depends only on where you are at that point in the game, not how you got there. We know the probability distribution of the dice and that allows us to describe the potential places you will next land on and the probabilities of being there.

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