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Solve the linear programming problem.
-A summer camp wants to hire counselors and aides to fill its staffing needs at minimum cost. The average monthly salary of a counselor is $2400, and the average monthly salary of an aide is $1100.
The camp can accommodate up to 45 staff members and needs at least 30 to run properly. The
Camp must have at least 10 aides and may have up to 3 aides for every 2 counselors. How many
Counselors and how many aides should the camp hire to minimize cost?
Marginal Product Curve
A graph that illustrates the change in output when an additional unit of input is added, holding all other inputs constant.
Production Function
Describes the relationship between inputs used in production and the resulting output.
Long Run
A period of time in economics during which all factors of production and costs are variable, allowing for full industry adjustment.
Diseconomies Of Scale
Situations where a firm's costs per unit increase as the scale of production increases, typically due to inefficiencies that arise from becoming too large.
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