Consider the Following Linear Programming Model
This Linear Programming Model

question 2

Multiple Choice

Consider the following linear programming model
This linear programming model has:
$$\begin{array} { l l } \operatorname { Min } & 2 \mathrm { X } _ { 1 } + 3 \mathrm { X } _ { 2 } \\\text { Subject to: } & \mathrm { X } _ { 1 } + \mathrm { X } _ { 2 } \geq 4 \\& \mathrm { X } _ { 1 } \geq 2 \\& \mathrm { X } _ { 1 } , \mathrm { X } _ { 2 } \geq 0\end{array}$$

• A)unique optimal solution
• B)unbounded solution
• C)infeasible solution
• D)alternate optimal solution
• E)redundant constraints

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Definitions:

Price

The cost associated with purchasing a particular product or service.

Budget Constraint

The limitations on the consumption bundle that a consumer can afford given their income and the prices of goods and services.

Household's Income

The total annual income received by all members of a household, including wages, salaries, benefits, and other sources of income.

Homogeneous Products

Goods that are identical in quality and cannot be distinguished from one another by consumers.