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it is often impossible to optain precise information about the pattern of future revenues costs and interest rates. therefore, the process of economic optimization is futile. discuss the statement.

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12y ago

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Difference between global optimization and partial optimization?

essential diffrence between global and local optimization


What is economic optimization?

it is the best use of available scarce resources in such a way that the satifaction level is maximum..so we can say minimum usage of resources and maximum level of output.


How can economics optimization be applied to maximize efficiency and productivity in a business setting?

Economic optimization in a business setting involves making decisions to maximize efficiency and productivity. This can be achieved by analyzing costs and benefits to determine the most effective use of resources. Strategies such as cost minimization, revenue maximization, and resource allocation can help businesses operate more efficiently and effectively. By applying economic principles, businesses can make informed decisions that lead to improved performance and profitability.


How can economics optimization problems be effectively addressed and solved to maximize efficiency and resource allocation?

Economic optimization problems can be effectively addressed and solved by using mathematical models and algorithms to find the best possible solution. By analyzing various factors such as costs, constraints, and objectives, economists can determine the most efficient way to allocate resources and maximize outcomes. This process involves identifying trade-offs, setting goals, and continuously evaluating and adjusting strategies to achieve optimal results.


What 5 major economic goals?

Economic Effiency Economic Freedom Economic Security Economic Equity Economic growth and Innovation