how the problem of resource allocation …
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Meghna Thapar 5 years, 1 month ago
In a free market economy, prices of commodities in the market are affected by the forces of demand and supply. This generates open competition in the market which leads to optimum allocation and utilization of resources in the economy without any planning or intervention of any authority. The resource allocation problem seeks to find an optimal allocation of a fixed amount of resources to activities so as to minimize the cost incurred by the allocation. ... This can be viewed as a special case of the nonlinear programming problem or the nonlinear integer programming problem.
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