What Are the Three Common Elements of an Optimization Problem

question 44

Multiple Choice

What are the three common elements of an optimization problem?

• A) objectives, resources, goals.
• B) decisions, constraints, an objective.
• C) decision variables, profit levels, costs.
• D) decisions, resource requirements, a profit function.

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Definitions:

Price

The expected fiscal outlay, necessitated, or expended in compensation for an item.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various prices during a certain period of time.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various price levels at a given time.

Price

The monetary amount anticipated, imperative, or tendered in exchange for something.