Month December 2023

Introduction to Fuzzy Linear Programming

Introduction to Fuzzy Linear Programming

In two previous posts we introduced the basic concepts of Fuzzy Logic and linear programming with the Simplex method. As promised, in this post we are going to join these two concepts and introduce fuzzy linear programming. In many real-world…

Price elasticity of demand

Price elasticity of demand

Modeling and explaining the consumer behavior of a product is very important to know what factors affect their behavior, price being one of these important factors. Let’s take as an example a company X that sells clothing. It is a…