The Objective Function for a LP Model Is 3 X₁

question 10

Multiple Choice

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?

• A) 0
• B) 50
• C) 60
• D) 120

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Definitions:

Marginal Utility

The increased happiness or value a buyer experiences by consuming an extra unit of a good or service.

Diminishing Marginal Utility

The principle that as an individual consumes more of a good, the utility (satisfaction or benefit) gained from each additional unit decreases.

Total Utility

The overall satisfaction or value a consumer receives from consuming a particular quantity of a good or service.

Marginal Utility

The extra pleasure or benefit obtained from consuming an extra unit of a product or service.