Values for the Probabilistic Inputs to a Simulation

question 44

Multiple Choice

Values for the probabilistic inputs to a simulation

• A) are selected by the decision maker.
• B) are controlled by the decision maker.
• C) are randomly generated based on historical information.
• D) are calculated by fixed mathematical formulas.

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Definitions:

Marginal Products

Marginal Product is the extra output, or product, produced by using one more unit of a production input, holding all other inputs constant.

Total Product

The total quantity of output produced by a firm over a given period.

Dogs Washed

The service or action of cleaning dogs by bathing them, often as a professional service.

Diminishing Returns

A principle stating that if one factor of production is increased while others are held constant, the incremental increases in output will eventually decrease.