Identify the Different Sets of Basic Variables That Might Be $\quad 2.5 \mathbf { X } _ { 1 } + 1.5 \mathbf { X } _ { \mathbf { 2 } }$

question 36

Essay

Identify the different sets of basic variables that might be used to obtain a solution to this problem.
MIN: $\quad 2.5 \mathbf { X } _ { 1 } + 1.5 \mathbf { X } _ { \mathbf { 2 } }$
Subject to:
$$\begin{array} { l } 4 X _ { 1 } + 3 X _ { 2 } \geq 24 \\2 X _ { 1 } + 4 X _ { 2 } \geq 24 \\X _ { 1 } ,X _ { 2 } \geq 0\end{array}$$

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Definitions:

Private Marginal Cost

Private marginal cost refers to the cost that a company incurs for producing an additional unit of a good or service, excluding any external costs.

Marginal Social Cost

The total cost to society of producing one additional unit of a good or service.

Private Cost

The costs that an individual or company incurs directly as a result of its actions, excluding external costs borne by society.

Deadweight Loss

Net loss of total (consumer plus producer) surplus.