For the Following Linear Programming Problem ​

question 4

Essay

For the following linear programming problem ​
the final tableau is ​
a.Find the range of optimality for c₁ and c₂.
b.Find the range of feasibility for b₁,b₂,and b₃.
c.Find the dual prices.

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Definitions:

Perfectly Competitive

A market structure characterized by a large number of small firms, homogeneous products, free entry and exit, and perfect information, where no single firm can influence the market price.

Disequilibrium

A situation in a market where supply does not equal demand, leading to a temporary imbalance and potential for price changes.

Incentive

A factor, either monetary or non-monetary, that motivates individuals or entities to perform an action or engage in a certain behavior.

Long Run

A period of time in economics sufficient for all markets to adjust to changes, including those of supply and demand.