Which of the Following Is Not a Part of Every

question 9

Multiple Choice

Which of the following is not a part of every linear programming problem formulation?

• A)an objective function
• B)a set of constraints
• C)non-negativity constraints
• D)a redundant constraint
• E)maximization or minimization of a linear function

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Definitions:

Utility Function

A mathematical representation that describes how the total utility of a consumer depends on the consumption of various goods and services.

Budget Line

A visual depiction of every potential pair of two products a consumer is able to buy based on their earnings and the costs of these items.

Utility Function

A mathematical representation of how different quantities of goods or services translate into levels of happiness or satisfaction for an individual or society.

Utility Function

A mathematical representation that assigns a value to every possible choice to indicate the level of satisfaction or utility that choice provides to a consumer.