Question

Definition competitive model in operations research

Answer 1

Operations research.Employing techniques from other mathematical sciences, such as mathematical modeling, statistical analysis, and mathematical optimization, operations research arrives at optimal or near-optimal solutions to complex decision-making problems.
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Answer 2

Answer: The Competitive Model is a form of mathematical model used in operations research to examine how various businesses or other organisations behave in a cutthroat market. The goal of this model is to examine the outcome of this rivalry in terms of profitability, price, and other performance indicators. It is presumptively true that the market participants compete with one another for resources, clients, or market share.

Explanation:

• The model typically works within a set of constraints, such as production capacity, demand, and cost constraints, to optimise a particular objective function, such as maximising profits or market share. The model's solution sheds light on each firm's ideal behaviour, the market equilibrium, and the performance metrics that result.

• In operations research and economics, the Competitive Model is frequently used to study a variety of market structures, including oligopolies, monopolistic competition, and duopolies. It aids businesses and policymakers in selecting pricing, investments, and other strategic options in a market that is competitive.

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