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What is meant by the term optimization What do economists usually believe about how individuals optimize

What is meant by the term "optimization"? What do economists usually believe about how individuals optimize?

28) What are the two techniques to optimization? How do the techniques differ?

29) What are the steps involved in optimization in levels? If option A has a cost of $5 and provides a benefit of $8, and option B has a cost of $10 and provides a benefit of $15, which of the two projects is optimal?

a)Translate all costs and benefits into common units, like dollars.

b)Calculate the total net benefit of each alternative.

c)Pick the alternative with the highest net benefit.

 

Mar 14 2020 View more View Less

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