Solve the Following Problem Graphically

question 33

Essay

Solve the following problem graphically: $$\begin{array} { l l } \operatorname { Min } & \mathrm { P } _ { 1 } \left( \mathrm {~d} _ { 1 } ^ { + } \right) + \mathrm { P } _ { 2 } \left( \mathrm {~d} _ { 2 } ^ { - } \right) \\& \\\text {s.t. } & 3 \mathrm { x } _ { 1 } + 5 \mathrm { x } _ { 2 } \leq 45 \\& 3 \mathrm { x } _ { 1 } + 2 \mathrm { x } _ { 2 } - \mathrm { d } _ { 1 } ^ { + } + \mathrm { d } _ { 1 } ^ { - } = 24 \\& \mathrm { x } _ { 1 } + \mathrm { x } _ { 2 } - \mathrm { d } _ { 2 } ^ { + } + \mathrm { d } _ { 2 } ^ { - } = 10 \\& \mathrm { x } _ { 1 } , \mathrm { x } _ { 2 } , \mathrm {~d} _ { 1 } ^ { - } , \mathrm { d } _ { 1 } ^ { + } , \mathrm { d } _ { 2 } ^ { - } , \mathrm { d } _ { 2 } ^ { + } \geq 0\end{array}$$

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Definitions:

Trade Specialization

The economic practice where countries or regions focus on producing goods and services in which they have a comparative advantage, leading to increased efficiency and productivity.

Trade Surplus

Occurs when a country's exports exceed its imports during a specific time period, indicating a positive balance of trade.

Bilateral Trade Agreement

An agreement between two countries that lowers tariffs and trade barriers on most goods and services traded between them.

Exports

Goods or services produced in one country and sold to buyers in another, contributing to a country's economy by bringing in revenues.