If Refers to the Number of Hours Employee

question 30

Multiple Choice

If refers to the number of hours employee works in week ,then to indicate that the number of working hours of 4 employees in week 3 should not exceed 160 hours,we must have a constraint of the form

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Definitions:

Income Effect

is the change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.

Substitution Effect

The change in consumption patterns due to a change in relative prices, leading consumers to replace more expensive items with less expensive ones.

Marginal Utility Data

Information regarding the incremental benefit or satisfaction gained from consuming an additional unit of a good or service.

Utility Maximization

Utility maximization refers to the concept in economics where individuals or entities choose the allocation of resources to maximize their satisfaction or happiness.