Utility Analysis Is Used To

question 9

Multiple Choice

Utility analysis is used to:

• A)determine isoquants that make it possible to assess equally valid selection measures.
• B)demonstrate how investments in human resources compare with investments in capital equipment
• C)translate the results of a validation study into terms that are important to and understandable by managers.
• D)assess the costs and benefits associated with various validation approaches

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Definitions:

Diminishing Marginal Returns

The principle that as the quantity of an input increases, the additional output generated from that input eventually decreases.

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Diminishing Returns

The principle stating that as more of a variable input is added to a fixed input, the additional output produced from each new unit of input eventually decreases.

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A type of furniture designed with curved bands attached to the bottom, allowing it to rock back and forth.