Title: Simultaneous Optimization
Three questions (Pick one and answer it as a
one-page essay, please provide brief and to the
a) Find two real life examples that demonstrate economies of scale, and two real life examples that
demonstrate diminishing returns. A real life example could be something like a price quote from a web page.
b) Use Jensen's inequality to establish an inequality between E[2^X] and 2^[E[X]] where X is an arbitrary random variable, and E denotes expectation.
c) Find two real life examples where simultaneous optimization is important.
Lecture notes: Here