Write the Resource Constraints for This Situation: Kim and Lynn

question 64

Multiple Choice

Write the resource constraints for this situation: Kim and Lynn produce tables (x) and chairs (y) . Each piece is assembled, sanded, and stained. A table requires two hours to assemble, three hours to sand, and three hours to stain. A chair requires four hours to assemble, two hours to sand, and three hours to stain. The profit earned on each table is $20 and on each chair is $12. Together Kim and Lynn spend at most 16 hours assembling, 10 hours sanding, and 13 hours staining.

• A) 2x + 4y  16, 3 x + 2y  10, 3x + 3y  13, x  0, y  0
• B) 2x + 3y + 3z  20, 4x + 2y + 3z  12, x  0, y  0, z  0
• C) 16x + 10y + 13z  0, 2x + 3y + 3z  20, 4x + 2y + 3z  12, x  0, y  0, z  0
• D) 8x + 4y  16, (10/3) x + 5y  10, (13/3)x + (13/3)y  13, x  0, y  0

Grasp how expectations (adaptive and rational) influence government policy and economic outcomes.

Recognize how wage increases relative to labor productivity affect price levels.

Understand the implications of inflation and price level changes on output.

Know the determination factors of wage rates in collective bargaining and their relation to monetary policy.

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Definitions:

Orientation

A phase where individuals or groups become familiar with a new environment or status.

Analysis

The process of breaking down complex information or problems into smaller, more manageable parts to better understand or solve them.

Application

The act of putting something into operation or use, often referring to software programs but can also pertain to concepts, ideas, or theories.

Experience

The knowledge or skill acquired by a person through direct involvement in or exposure to events or activities over a period of time.