If the objective function is to maximize revenue subject to a binding labor constraint, then the shadow price of labor is:
A) the marginal product of labor.
B) the marginal revenue product of labor.
C) negative.
D) zero.
Correct Answer:
Verified
Q1: For costs to be a linear function
Q2: Net profits equals profit contribution minus:
A) variable
Q3: When an LP objective function is to
Q4: Constrained profit maximization requires:
A) no excess capacity.
B)
Q5: Profit contribution equals total:
A) revenue minus variable
Q7: Combinations of products that generate the same
Q8: If X > 0 in the primal
Q9: Linear programming assumes:
A) falling input prices.
B) increasing
Q10: If QA > 0, then the marginal
Q11: Linear programming is an analytical technique used
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