The graphical solution procedure generally means you graph the constraint inequalities to identify the feasible solution region, then locate the objective function curve so as to maximize its value. When the objective function is a linear function, maximizing it generally means locating it at the vertex of the feasible region that makes it farthest from the origin.
The solution is
... (A, B) = (100, 50)
If economics deals with personal finance or how you spend, save and invest our money then it deals with public goods, defence goods or luxury goods.
Given that economics also deals with personal finance, or how you spend, save, and invest your money.
We are required to tell on which the things the money could be spent.
Money can be spend on purchasing:
- Public goods,
- Defense goods,
- luxury goods.
Public goods are those goods which are necessary goods for the survival of people.
Defense goods are those goods which a government uses in order to protect the public.
Luxury goods are those goods which are not necessary for the survival but shows personality,etc.
Hence if economics deals with personal finance or how you spend, save and invest our money then it deals with public goods, defence goods or luxury goods.
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In maximizing profits (or minimizing loss), a single-price monopolist will charge a price that is greater than the marginal cost.
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Who is a monopolist?</h3>
A monopolist is usually a term used to refer to a business entity that solely controls the market of a certain product or service without any competitor. In the case of a single-price monopolist, if they charge a price that is greater than marginal cost is the most viable option to maximize profit.
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