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For this report:
a) Review examples presented in Chapter 3 “Optimization: Doing the Best You Can”, and find or come up with your real life example illustrating “optimization” concept (within the meaning of chapter 3). You may explore various web-sites that are credible, but make sure to keep record of the web link and the author.
b) Write a report (clearly typed in a MS-Word file using MS-Word). Your report should be broken into two sections:
Section 1: Summary of the (economic) optimization issue from your perspective (first paragraph): Do not copy/paste excerpts from the textbook or various web-sites. Summary should be in your own words and should be based on your understanding of the issue covered in chapter 3 and/or various web-sites.
Section 2: Provide details of your own example that you found or came up with illustrating the “optimization” concept (within the meaning of chapter 3). Again, you may explore various web-sites that are credible, but make sure to keep record of the web link and the author, and indicate your source(s)-No copying/pasting (just your own words). Provide details as to why your example is a good example.