In the minimization models, the objective function is alternatively named cost function. The reason for this is the ultimate goal of minimizing something is to reduce loss or “cost”. In the minimization models, draw a line parallel to the objective function and near to the origin. This line should contain at least one point of the feasible region. Find the coordinates of this point by solving the equations of the drawn line and the boundary line(s) of the feasible region.

As also understood from the information given, the statements about the minimization models in the options II, III, IV and V are correct, so the correct answer is E. The statement in the option I is not correct because of the fact that in the minimization models, the objective function is alternatively named cost function.