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0. Statement–I: When there are a large number of decision variables (more than three) and constraints, iterative mathematical procedures like the simplex method can be used for product-mix decisions. Statement–II: Monte Carlo is an approach for simulating the probability distribution by associating and then selecting random numbers.
Both statements are correct.
Both statements are incorrect.
Statement–I is correct while Statement–II is incorrect.
Statement–I is incorrect while Statement– II is correct.
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