Give the Mathematical Formulation of the Linear Programming Problem

question 4

Essay

Give the mathematical formulation of the linear programming problem. Graph the feasible region described by the
constraints and find the corner points. Do not attempt to solve.
-Suppose an horse feed to be mixed from soybean meal and oats must contain at least 200 lb of protein and 40 lb
of fat. Each sack of soybean meal costs $20 and contains 60 lb of protein and 10 lb of fat. Each sack of oats costs
$10 and contains 20 lb of protein and 5 lb of fat. How many sacks of each should be used to satisfy the minimum
requirements at minimum cost?

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Definitions:

Few Sellers

A market structure characterized by a small number of sellers, leading to a higher level of market power and potentially less competition.

Oligopolies

Market structures characterized by a small number of firms controlling a large portion of the market share, influencing prices and competition.

Duopolies

A market structure where two companies own all or nearly all of the market for a given type of product or service.

Cartel

An association of manufacturers or suppliers formed to maintain high prices and restrict competition.