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The objective function for a LP model is 3 X1 + 2 X2. If X1 = 20 and X2 = 30, what is the value of the objective function?
Efficiency
The condition in which the economy is producing what people want at least possible cost.
Free-Trade Zone
A designated area within a country where goods may be landed, handled, manufactured, or reconfigured without direct intervention of the customs authorities.
European Community
A precursor to the European Union, it was an economic and political union of European countries aiming to foster economic integration and cooperation.
North Atlantic Treaty Organization
A military alliance formed in 1949 comprising North American and European countries to provide collective defense against aggression.
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