Question: 1. Explain whether LP techniques can be used in each of the following economic settings: - The firm faces a downward-sloping linear demand curve. (To

1. Explain whether LP techniques can be used in each of the following economic settings: - The firm faces a downward-sloping linear demand curve. (To sell more output, it must lower its price.) - The firm can vary the amounts of two basic chemicals in producing a specialty chemical, but, for quality control reasons, the relative proportions of chemicals must be between 40/60 and 60/40

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