F9 chapter 1

Acceptable outcome and acceptable solution mean the same thing :-) However, satisficing is getting an outcome that is acceptable, whereas maximising is getting the best possible outcome. Suppose that you currently earn $1000 and are looking to change jobs to get a better salary. You apply to three firms, A, B, and C. A offers $800, B offers $1200, C offers $1500. You will hope that C will give you the job - that will be maximising. Even if C does not offer you a job, you would still accept a job with B, because although it is not the maximum it is acceptable. (You would obviously not take a job with A but would prefer to stay where you are :-) ) Don't worry about this anyway. It is in the notes because it was asked once but many many years ago. I am currently re-recording the lectures and am removing mention of this from the lectures and the notes (and obviously the test) because it is now so very unlikely to be mentioned in the exam.

Sir i so much appreciate your responce in full. Thank you! I wish i could do something for you in person in the nearest bright future :)

You are welcome (and the best you can do to help us it to recommend us to your friends and colleagues :-) )