Suppose That a Constraint Is Given by X+Y≤10

question 31

Essay

Suppose that a constraint is given by X+Y≤10. If another constraint is given to be 3X+2Y≥15 determine the corners of the feasible solution. If the profit from X is 5 and the profit from Y is 10, determine the maximum profit.

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Definitions:

Least Costly

Refers to the option that requires the smallest amount of expense or effort to achieve a given outcome.

Perfectly Competitive

A market structure characterized by a large number of small firms, a homogeneous product, and free entry and exit, leading to efficient outcomes.

Profit-Maximizing Condition

The state in which a firm's marginal cost is equal to its marginal revenue, aiming to achieve the highest possible profit.

Marginal Revenue Product

The increased earnings from adding one more unit of a resource used in production, such as capital or labor.