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The option of finding an alternative that is thought to provide the most cost effective ways under the given limits is referred to as optimization. The stated aspect is attained by enhancing the components that appear to provide good results while suppressing those that appear to produce bad consequences (Ide and Köbis 99).
It is obvious that numerous economic optimization concerns necessitate consumers making a decision on the item to purchase based on the fact that the recognized pick is more inexpensive than the other. Firms are required to make production decisions for the sake of profit maximization on the basis that the selection has a limited production capacity. When attending the market, I came across apples and bananas. It is evident that the Apples caused $4 per piece while the bananas cost $2 per piece. Both bananas and apples are provided with the same utility value. Furthermore, I have $100 to spend. In the presented scenario, I would forgo apples for bananas since the latter is cheaper.
It is evident that making a choice to purchase the apples is driven by the fact that the product is less costly. Therefore, in this case, I would derive more benefit and save on costs by purchasing the commodity hence satisfying the provision of the economic concept. Apparently, in this case, the bananas are considered to be the most cost effective option with the highest achievable “performance” despite the given constraints. Purchasing the bananas aids in maximization of the outcome of the result without considering the involved cost or expenses (Ide and Schöbel 240). The highest maximum result in this case is evident in the form of quantity of the products purchased.
Ide, Jonas and Anita Schöbel. "Robustness for Uncertain Multi-Objective Optimization: A Survey and Analysis of Different Concepts." OR Spectrum, vol. 38, no. 1, Jan. 2016, pp. 235-271.
Ide, Jonas and Elisabeth Köbis. "Concepts of Efficiency for Uncertain Multi-Objective Optimization Problems Based on Set Order Relations." Mathematical Methods of Operations Research, vol. 80, no. 1, Aug. 2014, pp. 99-127.
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