Linear Programming Concepts. Indicate whether each of the following statements is true or false. Defend your answer.
A. Linear programming can be used for solving any type of constrained optimization problem where the relations involved can be approximated by linear equations.
B. Linear revenue, cost and profit relations will be observed when output prices, input prices, and average variable costs are constant.
C. Equal distances along a given production process ray in a linear programming problem always represent an identical level of output
D. At isoquant segment midpoints, each adjacent production process must be used to produce 50% of output efficiently.
E. Maximizing a LP profit contribution objective function always results in also maximizing total net profits.

Question

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The Answer of Linear Programming Concepts. Indicate whether each of the following statements is true or false. Defend your answer.
A. Linear programming can be used for solving any type of constrained optimization problem where the relations involved can be approximated by linear equations.
B. Linear revenue, cost and profit relations will be observed when output prices, input prices, and average variable costs are constant.
C. Equal distances along a given production process ray in a linear programming problem always represent an identical level of output
D. At isoquant segment midpoints, each adjacent production process must be used to produce 50% of output efficiently.
E. Maximizing a LP profit contribution objective function always results in also maximizing total net profits.