This code snippet shows an implementation of a memoization technique in JavaScript. Memoization is a programming optimization technique that stores the results of expensive function calls and returns the cached result when the same input is provided again. In this code: 1. The `memoizedFunction` function takes an argument `arg`. 2. It checks if the `cache` object has a value stored for the input `arg`. If the value is not found in the cache, it calls the `expensiveOperation` function with the argument `arg` and stores the result in the cache. 3. The function then returns the value stored in the cache for the given argument `arg`. However, there is a potential issue with this implementation as the `cache` object is not defined within the function. To make this code work correctly, the `cache` object should be defined somewhere outside of the function as a global variable or provided as an argument to the function. Here is an example of how you can define the `cache` object globally: ```javascript // Initialize the cache object const cache = {}; function memoizedFunction(arg) { if (!cache[arg]) { cache[arg] = expensiveOperation(arg); } return cache[arg]; } ``` With this modification, the `cache` object will retain the values for memoization across multiple calls to the `memoizedFunction` function.