Eco570 Practice tests 9 to 12.docx - Web Quiz Assignment...

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Web QuizAssignment Name: Hirschey, Managerial Economics 12e, Chapter 91.When an LP objective function is to minimize cost:
2.If X = 0 in the primal solution:
3.When the primal LP problem is to minimize cost subject to various output constraints, the shadow prices in the dual constraints:
4. If the primal objective function is to maximize profit subject to input constraints, the dual objective function is to minimize:
5.If the labor slack variable > 0, then:
6.If QA > 0, then the marginal value of output:
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7.The profit function = aQX + bQY, can be written as QY = /b - a/bQYwhere a and b are the profit contributions of products X and Y, respectively. If both profit contributions increase by a fixed percentage, isoprofit line:

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