Optimization Is an Extension of Goal Seeking in Which a User

question 26

True/False

Optimization is an extension of goal seeking in which a user can change many variables to reach some maximum or minimum target, as long as the changes stay within the constraints the user identifies.

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Definitions:

Opportunity Cost

The value of the next best alternative that must be forgone as a result of choosing one option over another.

Cookie

A small, sweet baked treat, often containing flour, sugar, and oil or fat, and possibly containing chocolate chips, nuts, or other ingredients.

Absolute Advantage

The ability of a country, individual, company or region to produce a good or service at a lower cost per unit than any competitor.

Comparative Advantage

A principle that states a country or individual can produce a particular good or service at a lower opportunity cost than others.