Computer Simulations Are Often Too Expensive and Therefore Not Available

question 20

True/False

Computer simulations are often too expensive and therefore not available to smaller hospitality organizations.

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Definitions:

Returns To Scale

A concept in economics that describes the change in output as a result of a proportional change in all inputs.

Input

Resources used in the production process, including labor, materials, and capital.

Production Function

A production function describes the relationship between inputs utilized in production and the output generated from those inputs.

Returns To Scale

The rate at which production output increases as a result of a proportional increase in all inputs (labor, capital, etc.).