For the Constraints Given Below, Which Point Is in the Feasible

question 77

Multiple Choice

For the constraints given below, which point is in the feasible region of this maximization problem? (1) 14x + 6y ≤ 42 (2) x - y ≤ 3 (3) x, y ≥ 0

• A) x = 2, y = 1
• B) x = 1, y = 5
• C) x = -1, y = 1
• D) x = 4, y = 4
• E) x = 2, y = 8

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Definitions:

Unit Elastic

Describes a supply or demand curve where a given percentage change in price causes an equal percentage change in the quantity demanded or supplied.

Elasticity of Labor Supply

A measure of how the quantity of labor supplied changes in response to changes in wages or salaries.

Payroll Tax

A levy placed on either employees or employers, typically determined as a fraction of the wages employers distribute to their workers.

Elasticity of Labor Supply

The responsiveness of workers to change their supply of labor (hours worked) in reaction to changes in wage rates.