Inputs to a Quantitative Model

question 43

Multiple Choice

Inputs to a quantitative model

• A)are a trivial part of the problem solving process.
• B)are uncertain for a stochastic model.
• C)are uncontrollable for the decision variables.
• D)must all be deterministic if the problem is to have a solution.

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Definitions:

Pareto Efficient

A situation where no individual or preference criterion can be better off without making at least one individual or preference criterion worse off.

Initial Endowment

The initial allocation of resources, money, or goods that an individual, institution, or country possesses.

Pareto Optimal

An allocation of resources from which it is impossible to reallocate to make any one individual better off without making at least one individual worse off.

Utility Function

A mathematical representation used in economics to model the satisfaction or happiness a consumer derives from consuming goods and services.