Besanko 2nd Edition Microeconomics Definition ✒ https://imgfil.com/1vhv3w

$he ob)ective function represents the relati onship to be maimied or minimi ed.. %onstrained optimiation allows the decision maker to select the best 'optimal( alternative while accounting for any possible lim itations or restri ctions on the choices.. or eample, a firm+s profit might be the ob)ective function and all choices will be evaluated in the profit function to determine which yields the highest profit.

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Besanko 2nd Edition Microeconomics Definition ximofau