How does optimization using total value differ from optimization using marginal analysis? Assume that the city council has to choose one of the following three alternatives-setting up a school,setting up a hospital,and setting up a playground.The estimates of the expected cost and benefit of all three projects are shown in the following table.How does the city council arrive at the optimal choice if both the techniques of optimization are implemented? Do the results vary?
Definitions:
Confederate
An individual who participates in a psychological experiment by pretending to be a subject but in reality works for the researcher.
70th Percentile
A value below which 70 percent of the data falls, used as a measure to understand the distribution of data in a set.
High Calorie
Referring to food or beverages that are dense in calories, often implying a higher potential for weight gain.
Normal Chow
A standard diet provided to laboratory animals that meets their nutritional needs without any specific modifications for experimental purposes.
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