The Simplex Method Is an Iterative Procedure for Moving from One

question 32

True/False

The simplex method is an iterative procedure for moving from one basic feasible solution (an extreme point)to another until the optimal solution is reached.

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Definitions:

Unit Elastic

A situation where a percentage change in the price of a good results in an equal percentage change in the quantity demanded.

Inelastic

Describes a situation where the demand or supply for a good or service is not significantly altered when the price changes.

Elastic

Elastic describes a situation in economics where the quantity demanded or supplied changes significantly in response to price changes.

Price Elasticity

The extent to which changes in price affect the demand for a specific good.