Answer:
TRUE
Explanation:
A good way to think about it is that industry, a general term for businesses engaging in productive practices, is concerned with the production of goods. These are the goods that are demanded by consumers. So as 'industry' is supplying those goods, it must be on the supply side of the market
Answer:
To no the prices of goods and service and to buy stuff at low prices.
Explanation:
A purely competitive market is a situation where multiplier sellers have homogeneous products. The availability of the information is very important in a purely competitive market in order to decide how many sellers are selling the same product and from where an individual can buy products at low prices. Availability of information means, no seller can earn abnormal profits.
The interpretation of the result is that the maximum value of the objective function is 29
<h3>How to solve and interpret the result?</h3>
The objective function is given as:
Max z = 3x₁ + 5x₂+ 4x₃
The constraints are:
2x₁ +3x₂ ≤ 18
2x₁ + x₂ ≤ 10
3x₁ + 2x₂ +4x₃ ≤ 15
x₁, x₂, x₃ ≥ 0
Subtract the second inequality from the first
2x₁ - 2x₁ + 3x₂ - x₂ ≤ 18 - 10
Evaluate the like terms
2x₂ ≤ 8
Divide by 2
x₂ ≤ 4
Substitute 4 for x₂ in 2x₁ +3x₂ ≤ 18
2x₁ +3*4 ≤ 18
This gives
2x₁ + 12 ≤ 18
Evaluate the like terms
2x₁ ≤ 6
Divide by 2
x₁ ≤ 3
Substitute 4 for x₂ and 3 for x₁ in 3x₁ + 2x₂ +4x₃ ≤ 15
3*3 + 2*4 +4x₃ ≤ 15
This gives
17 +4x₃ ≤ 15
Evaluate the like terms
4x₃ ≤ -2
Divide by 4
x₃ ≤ -0.5
From the constraints, we have:
x₁, x₂, x₃ ≥ 0
So, we set all negative values to 0
This means that:
x₃ ≤ 0
Substitute these values in the objective function
Max z = 3 * 3 + 5 * 4 + 4 * 0
Evaluate
Max z = 29
Hence, the interpretation of the result is that the maximum value is 29
Read more about objective functions at:
brainly.com/question/11206462
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