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Economic order quantity. Economic order quantity ( EOQ ), also known as financial purchase quantity or economic buying quantity, [citation needed] is the order quantity that minimizes the total holding costs and ordering costs in inventory management. It is one of the oldest classical production scheduling models.
Psychological pricing (also price ending or charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact. In this pricing method, retail prices are often expressed as just-below numbers: numbers that are just a little less than a round number, e.g. $19.99 or £2.98. [1]
In experimental psychology, a stimulus is the event or object to which a response is measured. Thus, not everything that is presented to participants qualifies as stimulus. For example, a cross mark at the center of a screen is not said to be a stimulus, because it merely serves to center participants' gaze on the screen.
Psychophysics quantitatively investigates the relationship between physical stimuli and the sensations and perceptions they produce. Psychophysics has been described as "the scientific study of the relation between stimulus and sensation" [1] or, more completely, as "the analysis of perceptual processes by studying the effect on a subject's experience or behaviour of systematically varying the ...
Item response theory. In psychometrics, item response theory ( IRT) (also known as latent trait theory, strong true score theory, or modern mental test theory) is a paradigm for the design, analysis, and scoring of tests, questionnaires, and similar instruments measuring abilities, attitudes, or other variables.
Trade-off. A trade-off (or tradeoff) is a situational decision that involves diminishing or losing on quality, quantity, or property of a set or design in return for gains in other aspects. In simple terms, a tradeoff is where one thing increases, and another must decrease. Tradeoffs stem from limitations of many origins, including simple ...
The economic production quantity model (also known as the EPQ model) determines the quantity a company or retailer should order to minimize the total inventory costs by balancing the inventory holding cost and average fixed ordering cost. The EPQ model was developed and published by E. W. Taft, a statistical engineer working at Winchester ...
Monopoly price. In microeconomics, a monopoly price is set by a monopoly. [1] [2] A monopoly occurs when a firm lacks any viable competition and is the sole producer of the industry's product. [1] [2] Because a monopoly faces no competition, it has absolute market power and can set a price above the firm's marginal cost.