In the InterContinental Hotel Group Case Study, the Mathematical Model

question 52

Multiple Choice

In the InterContinental Hotel Group case study, the mathematical model used to increase profits was based on

• A) a simulation model that tried out many options.
• B) a system that collated the subjective inputs of managers.
• C) a mathematical model that used two variables: price and day of the week.
• D) an optimization model that used multiple variables.

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Definitions:

Trade Liberalization

The process of reducing tariffs, quotas, and other barriers to allow for the free flow of goods between countries.

Trade Agreements

Formal arrangements between countries to regulate tariffs, quotas, and other trade restrictions to facilitate and encourage international trade.

Trade Barriers

Government-imposed regulations such as tariffs, quotas, and embargoes that restrict the free flow of goods and services between countries.