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Solve the Following Problem by the Simplex Method

question 17

Essay

Solve the following problem by the simplex method.
Max
14x1 + 14.5x2 + 18x3
s.t.
x1 + 2x2 + 2.5x3 ≤ 50
x1 + x2 + 1.5x3 ≤ 30
x1 , x2 , x3 ≥ 0

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Definitions:

Protectionism

A government policy aimed at restricting international trade to protect domestic industries from foreign competition.

Trade Feedback Effect

A phenomenon where an increase in exports leads to an increase in national income and thus an increase in imports.

Countertrade

An exchange of goods or services for other goods or services without using a medium of exchange, such as money.

Multidomestic Firm

A multidomestic firm is a company that operates in multiple countries, tailoring its products, marketing, and operations to each local environment rather than standardizing globally.

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