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If the production function is f(z1,z2) = min(z1,z2) and if the price of z1 is $20 and the price of z2 is
$15, then the minimum cost of producing 10 units of output is:
Electronic Tendering
The process of conducting the entire tendering cycle online, including document submission, bid evaluation, and the awarding of contracts, to streamline procurement processes.
Online Direct Marketing
A marketing approach that involves sending promotional messages directly to potential customers through digital channels, such as email or social media.
Viral Marketing
A promotional strategy that encourages individuals to pass on marketing messages to others, creating potential for exponential growth in the message's exposure and influence.
Reverse Auctions
Auctions in which one buyer, usually an organization, seeks to buy a product or a service, and suppliers submit bids; the lowest bidder wins.
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