In Linear Programming,a Statement Such as "Maximize Contribution" Becomes an Objective

question 63

True/False

In linear programming,a statement such as "maximize contribution" becomes an objective function when the problem is formulated.

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Definitions:

Budget Constraint

Represents the limitations on the choices consumers can make, given their income and the prices of goods and services.

Indifference Curve

A curve that shows consumption bundles that give the consumer the same level of satisfaction

Absolute Price

The price of a good or service without taking inflation or purchasing power into account.

Indifference Curves

A graph showing different bundles of goods between which a consumer is indifferent, pointing out the preferences of the consumer for one combination of goods over another.