The ________ Property of Linear Programming Models Indicates That the Decision

question 54

Short Answer

The ________ property of linear programming models indicates that the decision variables cannot be restricted to integer values and can take on any fractional value.

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Definitions:

Inelastic

A characteristic of a good or service whose demand or supply is relatively unresponsive to changes in price.

Elastic

A characteristic of a product or service that indicates its demand or supply significantly changes with a change in price.

Unit Elasticity

A situation where a change in the price of a product leads to a proportional change in the quantity demanded or supplied.

Demand

The quantity of a good or service that consumers are willing and able to purchase at a given price over a specified period of time.