How the corner point and iso profit line methods work

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Reference no: EM131257719

1. Define shadow price (or dual value).

2. Explain how to use the iso-cost line in a graphical minimization problem.

3. Compare how the corner-point and iso-profit line methods work for solving graphical problems.

4. Where a constraint crosses the vertical or horizontal axis, the quantity is fairly obvious. How does one go about finding the quantity coordinates where two constraints cross, not at an axis?

Reference no: EM131257719

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