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20. A producer has 30 and 17 units of labour and capital respectively which he can useto produce two types of goods X and Y. To produce one unit of X, 2 units oflabour and 3 units of capital are required. Similarly, 3 units of labour and 1 unit ofcapital is required to produce one unit of Y. If X and Y are priced at $100 and120 per unit respectively, how should the producer use his resources to maximisethe total revenue? Formulate the above problem as a LPP and solve it graphically.16) |
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