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For decision-making problems which utilizes mathematical models, the first and foremost requirement is to identify the relationships among the variables relevant to the problem. These relationships are usually expressed in the form of one or more equations or inequations. This type of mathematical relationships helps the decision maker even to understand a complex business problem.
In order to define the term called function, one should define first what one means by a constant and a variable.
It represents a value which is a fixed quantity. It can be denoted by the alphabets a, b, c, l, m, n, etc. Constant can be classified into (i) absolute .
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