Multilateral Trade | Bilateral Trade |
---|---|
Trade between more than two countries, usually under international agreements like WTO. | Trade between two countries on mutually agreed terms. |
Aims at creating a free and fair trading environment globally. | Focuses on strengthening economic ties between two specific nations. |
Examples: WTO trade agreements, Regional blocs like ASEAN. | Examples: India–Sri Lanka Free Trade Agreement (ISLFTA). |
Solve the following LPP graphically: Maximize: \[ Z = 2x + 3y \] Subject to: \[ \begin{aligned} x + 4y &\leq 8 \quad \text{(1)} \\ 2x + 3y &\leq 12 \quad \text{(2)} \\ 3x + y &\leq 9 \quad \text{(3)} \\ x &\geq 0,\quad y \geq 0 \quad \text{(non-negativity constraints)} \end{aligned} \]