1. What is an isocost line? An isoprofit line? 2. What does sliding an objective function line toward the origin represent? Away from the origin? 3. Briefly explain these terms: a. Basic variable b....

1. What is an isocost line? An isoprofit line?

2. What does sliding an objective function line toward the origin represent? Away from the origin?

3. Briefly explain these terms:

a. Basic variable

b. Shadow price

c. Range of feasibility

d. Range of optimality