Figure 1:

Figure 1 Demonstrates an Excel

question 3

Multiple Choice

Figure 1:

Figure 1 demonstrates an Excel spreadsheet that is used to model the following linear programming problem:
$$\begin{array} { l l } \operatorname { Max } : & 4 \mathrm { X } _ { 1 } + 3 \mathrm { X } _ { 2 } \\\text { Subject to: } & \\& 3 \mathrm { X } _ { 1 } + 5 \mathrm { X } _ { 2 } \leq 40 \\& 12 \mathrm { X } _ { 1 } + 10 \mathrm { X } _ { 2 } \leq 120 \\& \mathrm { X } _ { 1 } \geq 15 \\& \mathrm { X } _ { 1 } , \mathrm { X } _ { 2 } \geq 0\end{array}$$
Note: Cells B3 and C3 are the designated cells for the optimal values of X₁ and X₂,respectively,while cell E4 is the designated cell for the objective function value.Cells D8:D10 designate the left-hand side of the constraints.
-Refer to Figure 1.What cell reference designates the Target Cell in "Solver"?

• A)E4
• B)B3
• C)C3
• D)D8:D10
• E)E8:E10

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Definitions:

Cartel

An association of independent companies or organizations formed to control production, pricing, and marketing of goods to suppress competition.

Perfectly Competitive

A market structure where there are many buyers and sellers, goods are homogeneous, and there is free entry and exit in the market.

Marginal Cost

The boost in overall cost that comes from generating one extra unit of a product or service.

Quantity Effect

The change in quantity demanded or supplied of a product as a result of changes in its price.