Provide an Appropriate Response

question 20

Short Answer

Provide an appropriate response.
-Using a graphing calculator as needed,maximize P = 524x₁ + 479x₂ subject to
265x1 + 320x₂ ≤ 3,390
350x₁ + 345x₂ ≤ 3,795
400x₁ + 316x₂ ≤ 4,140
x1,x2 ≥ 0
Give the answer to two decimal places.

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Definitions:

Profit-Maximizing

The process or strategy employed by firms to determine the level of output and pricing that leads to the highest possible profits.

Market Price

Market price is the current price at which a good or service can be bought or sold in a marketplace, determined by supply and demand dynamics.

Output

The total amount of goods or services produced by a company or industry, often measured over a specific period.

Minimum Price

A price floor set by the government, below which a product cannot be sold legally, aiming to ensure fair prices for producers.