Exam 6: Economics and Linear Programming: Understanding Concepts and Terminologies

In an input-output matrix, the element ____shows the input industry II takes from industry I.

In linear programming, the number of technical constraints will be ___the number of the factors of production:

For a cost function TC = 3Q2 + 7Q +12, MC is :

If your income doubles and the prices of the goods you buy double, then your demand for these goods will likely ________

Feasible solution of LPP is:

In linear programming, the dual of maximization is equal to:

MR is :

Linear Programming deals with:

A ____ is a point at which a function is at a relative maximum or minimum:

In Cobb Douglas Production of functions, the elasticity of Substitutions is :

In linear programming, _____ expresses the necessity that the levels of production of the commodity cannot be negative, that is, it should be either positive or zero.

In input-output analysis,____ is obtained by dividing the input of the desired sector by the total output of the same sector.

In optimisation, with the first order derivative equal to ___ and the second order derivative ___ the function is at a maximum.

When we optimise a function, with the first order derivative equal to ___ and the second order derivative ___ the function is at a relative minimum.

In linear programming, _____are expressed as inequalities, rather than equalities.

The first derivative measures the rate of change or ____ of a function:

In input-output analysis,if the exogenous sectors of the open input output model is absorbed in to the system as just another sector _____

The process of finding relative maximum or minimum of a function is known as :

A production function is said to be _____, if, when each input factor is multiplied by a positive real constant k, the constant can be completely factored out:

In input-output analysis, ___ represents in monetary terms or quantitative terms all the transactions of the economic system.