A Goal Programming Problem Had Two Goals (With No Priorities

question 50

Multiple Choice

A goal programming problem had two goals (with no priorities assigned) .Goal number 1 was to achieve a cost of $3,600 and goal number 2 was to complete the task in 400 hours or fewer.The optimal solution to this problem resulted in a cost of $3,600 and a completion time of 420 hours.What was the value for the objective function for this goal programming problem?

• A)400
• B)-400
• C)20
• D)0

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Definitions:

Willingness to Pay

The maximum amount an individual is ready to spend on a good or service, reflecting the value the consumer places on it.

Supply-Side Market Failures

Situations where the production or supply side of the market does not efficiently allocate resources due to externalities or other market imperfections.

Costs

The expenses involved in manufacturing a product or providing a service.

Benefits

Advantages or positive outcomes that result from a particular action or policy.