Suppose That a Constraint Is Given by X+Y≤10

question 31

Essay

Suppose that a constraint is given by X+Y≤10. If another constraint is given to be 3X+2Y≥15 determine the corners of the feasible solution. If the profit from X is 5 and the profit from Y is 10, determine the maximum profit.

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Definitions:

Necessities

Goods and services that are essential for survival, such as food, shelter, and healthcare, often characterized by inelastic demand.

Luxuries

Goods or services that are considered non-essential but are desired for their ability to provide comfort, convenience, or pleasure.

Elasticity Of Supply

A measure of how much the quantity supplied of a good responds to a change in the price of that good.

Inputs

Resources used in the production process, including labor, capital, materials, and energy.