One of the Advantages of Simulation Is That a Great

question 68

Short Answer

One of the advantages of simulation is that a great amount of ________ can be attained, quickly giving a manager some feel as to the long-term (1- to 10-year) effects of many policies.

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Definitions:

Price

The financial expenditure expected, essential, or relinquished in payment for something.

Indirect Utility Function

A concept in economics that represents the maximum utility a consumer can achieve with a given income and set prices for goods and services.

Income

Cash inflow, customarily obtained at regular periods, as compensation for work or from investment outcomes.

Constraint

A limitation or restriction on the variables of a problem, often seen in economics as budget constraints affecting consumer choices.