Why Do Computers and Data Transmission Equipment Use Binary

question 5

Multiple Choice

Why do computers and data transmission equipment use binary?

• A) They are electrical devices, and electricity has only two states.
• B) Base 2 is too difficult to use.
• C) Base 10 was developed before binary.
• D) Binary is the next step beyond quadecimal.

Understand the concept of duality in consumer theory and how it relates to utility maximization.

Identify and apply the principle of equal marginal utility per dollar spent across goods.

Comprehend and apply the concept of the Lagrange multiplier in the context of constrained optimization problems.

Understand the Hicksian substitution effect and its implications on consumer choice.

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Definitions:

Multiplant Monopolist

A monopolistic firm that operates more than one production facility in different geographic locations to maximize profits and maybe meet differentiated demand.

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period.

Marginal Revenue Curve

A graphical representation showing how marginal revenue changes as output level changes.

Competitive Industry

An industry characterized by many firms offering similar products where no single firm can influence the market price.