Business Math: Optimization

Regina Treviño

Chapter Chapter 2 in PreMBA Analytical Primer, 2008, pp 45-82 from Palgrave Macmillan

Abstract: Abstract In most business applications, we seek to make the best use of the resources available. For example, a manager might need to decide how to allocate an advertising budget to maximize sales of a new product or might need to decide how much inventory to keep to minimize costs. Optimization is the analytical tool used when a decision maker seeks to make the best (optimal) choice, taking into account any possible limitations or restrictions on the choices.

Keywords: Utility Function; Marginal Utility; Equilibrium Price; Line Tangent; Consumer Surplus (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1057/9780230615786_2

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