If a Maximization Problem Has a Single Global Optimum, Will

question 46

Essay

If a maximization problem has a single global optimum, will it have a local maximum? If yes, can it have more than one local maximum? Explain.

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Definitions:

Product Differentiation

The method of differentiating a product or service to appeal more to a specific target market.

Differentiation

The process of distinguishing a product or service from others to make it more attractive to a particular target market.

Economically Productive

Activities or processes that generate goods or services which have value and contribute to the economy.

Convey Information

The act of communicating or transmitting information from one entity to another.