Which Is Not a Quantitative Technique to Problem Solving

question 4

Multiple Choice

Which is not a quantitative technique to problem solving?

• A) Linear programming
• B) Queuing techniques
• C) Statistical techniques
• D) Heuristic approach
• E) All of the choices are quantitative approaches.

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Definitions:

Demand Function

A mathematical representation that describes the relationship between the quantity demanded of a good and its price, alongside possible other variables like income or prices of related goods.

Quasilinear Utility

A utility function where one good (usually money) enters linearly and therefore preferences for other goods are independent of the amount of money.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the good's sensitivity to price changes.

Income Elasticity

A measure of how much the demand for a good or service changes in response to changes in the consumer's income.