The function a decision maker seeks to maximize or minimize is the ________ function.

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• Q2:

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  • Related Questions
  • Is the function that a decision maker is trying to maximize or minimize?
  • When the choice variable is a continuous variable The decision rule for an unconstrained maximization problem is?
  • When marginal cost is greater than marginal benefit at the current activity level the decision maker can increase net benefit by decreasing the activity because?

  agency is having problems with personal phone calls made during working hours.Each minute of a personal call costs the agency $0.50 in wasted wages.The agency hires operators to monitor calls in order to attain the optimal number of personal calls (minimize total cost of personal calls).

  Based on the above information,if operators receive $25 an hour,what is the minimum possible total cost of personal calls (per hour)? A)$460 B)$255 C)$120 D)$ 85 E)none of the above

• Q3:

  an unconstrained maximization problem A)the decision maker seeks to maximize net benefits. B)the decision maker seeks to maximize total benefits. C)the decision maker does not take cost into account because there is no constraint. D)the decision maker does not take the objective function into account because there is no constraint. E)none of the above

• Q4:

  A manager in charge of new product development can hire engineers and market researchers.The annual salary of an engineer is $40,000 while a market researcher receives $20,000.The marginal contribution of engineers and market researchers are:

  
  Based on the above information,how should a manager with an annual budget of $140,000,allocate this budget in order to maximize the number of new products developed? A)Hire one engineer and five market researchers B)Hire two engineers and three market researchers C)Hire three engineers and one market researcher D)Hire four engineers and four market researchers

• Q5:

  continuous choice variable A)must be continuously varied to attain the goal. B)can take on only special values between two end points. C)is in unconstrained but not constrained problems. D)all of the above E)none of the above

• Q6:

  agency is having problems with personal phone calls made during working hours.Each minute of a personal call costs the agency $0.50 in wasted wages.The agency hires operators to monitor calls in order to attain the optimal number of personal calls (minimize total cost of personal calls).

  Based on the above information,if operators receive $25 an hour,how many operators should the agency hire? A)0 B)1 C)2 D)3 E)4

• Q8:

  a constrained minimization problem,the decision maker A)is constrained by the specific amount of total benefits. B)is constrained by the choice set of values for the activities. C)seeks to minimize the cost of achieving a specific goal. D)all of the above E)none of the above

• Q9:

  A manager in charge of new product development can hire engineers and market researchers.The annual salary of an engineer is $40,000 while a market researcher receives $20,000.The marginal contribution of engineers and market researchers are:

  Based on the above information,if the manager has an annual budget of $140,000 and currently is hiring two engineers and three market researchers,then A)the last dollar spent on an engineer yielded more new products than the last dollar spent on a market researcher. B)the last dollar spent on a market researcher yielded more new products than the last dollar spent on an engineer. C)he is making the correct decision because engineers make more than market researchers. D)he is making the correct decision because the last market researcher hired was more productive than the last engineer hired.

• Q10:

  Use the following marginal benefit and marginal cost functions for activity A: MB = 100  5A MC = 20 + 3A The optimal level of A is A)40 B)30 C)20 D)10 E)0

• Q11:

  Choice variables A)determine the value of the objective function B)determine the constraint C)can only take on integer values D)cannot be continuous E)both c and d

• Q12:

  Refer to the figure below,which shows marginal benefits (MB)and marginal cost (MC)of activity A:

  If the decision maker is choosing 300 units of activity A, A)this level maximizes net benefits. B)if the activity is increased by one unit,net benefits will increase by $20. C)if the activity is decreased by one unit,net benefits will decrease by $20. D)both b and c E)all of the above

Is the function that a decision maker is trying to maximize or minimize?

When the choice variable is a continuous variable The decision rule for an unconstrained maximization problem is?

When marginal cost is greater than marginal benefit at the current activity level the decision maker can increase net benefit by decreasing the activity because?