The Optimal Solution to an LP Problem Was $X _ { 1 }$

question 49

True/False

The optimal solution to an LP problem was $X _ { 1 }$
3.69 and $X _ { 2 }$
1.21.If $X _ { 1 }$
and $X _ { 2 }$
were restricted to be integers,then $X _ { 1 }$
= 4 and $X _ { 2 } =$
1 will be a feasible solution,but not necessarily an optimal solution to the IP problem.

---

Definitions:

Long-Run Equilibrium

A state in which all factors of production and prices adjust fully to economic changes, with all markets clearing and no external pressures affecting supply and demand.

Efficient Scale

The quantity of output that minimizes average total cost.

Perfectly Competitive

A market structure characterized by a large number of small firms, homogenous products, and free entry and exit.

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, leading to competition based on factors other than price.