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:

Entry Restrictions

Regulations or requirements that limit or control the access of new competitors into a market or industry.

Revenue Function

A mathematical relation that calculates the total revenue generated by selling goods or services, typically as a function of price or quantity.

Total Profits

The total income a business has after subtracting all costs and expenses from total revenue.

Cost Function

A cost function calculates the total expense required to achieve a specific level of production or activity.