Find the Minimum Value of the Objective Function and Where

question 37

Multiple Choice

Find the minimum value of the objective function and where it occurs,subject to the indicated constraints. ​
Objective function:
​
Z = 4x + 16y
​
Constraints:
​
X ≥ 0
Y ≥ 0
2x + y ≤ 12​ ​

• A)Minimum at (0,0): 0
• B)Minimum at (6,0): 49
• C)Minimum at (0,6): 48
• D)Minimum at (12,0): 192
• E)Minimum at (0,12): 193

---

Definitions:

Price-inelastic

Price-inelastic describes a situation where the demand for a product or service is relatively unresponsive to changes in its price.

Linear Demand Curve

A graphical representation showing a straight-line relationship between the quantity demanded of a good and its price.

Price Elasticity

A measure of the sensitivity of demand for a product in response to a change in its price.

Perfectly Elastic Demand

The case in which any price increase will cause the quantity demanded to drop to zero; the demand curve is a horizontal line.