To Use Goal Seek,one Has to Create a Worksheet That

question 59

True/False

To use Goal Seek,one has to create a worksheet that includes an objective based on some unknown value in a cell.

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Definitions:

MRTS

The Marginal Rate of Technical Substitution measures the rate at which one input can be substituted for another input in the production process, while keeping output constant.

Pareto Optimality

A distribution of resources where no one can be made better off without causing detriment to at least one other person.

Utilities Possibilities Frontier

A graphical representation that shows the maximum number of goods or services that two countries can produce using their resources efficiently.

Efficient

Achieving maximum productivity with minimum wasted effort or expense; effectively utilizing resources.