Common Features of Simulations--Generating Values from Probability Distributions, Maintaining Records

question 42

Multiple Choice

Common features of simulations--generating values from probability distributions, maintaining records, recording data and summarizing results--led to the development of

• A) Excel and Lotus.
• B) BASIC, FORTRAN, PASCAL, and C.
• C) GPSS, SIMSCRIPT, SLAM, and Arena
• D) LINDO and The Management Scientist

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Definitions:

Marginal Cost

The additional charge of creating one more unit of a product or service.

Peak-Load Pricing

A pricing strategy that involves adjusting prices in response to fluctuations in demand, particularly during peak usage times.

Marginal Cost

The expense associated with the production of an extra unit of a product or service.

Rebates

Rebates are partial refunds to purchasers of products or services, often used as a promotional tool by marketers to increase sales or the perceived value of a product.