What Is a Dummy Variable

question 9

Short Answer

What is a dummy variable?

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Definitions:

Replacement Cost

The current cost of replacing an asset with a new asset of similar kind and quality, often used in insurance and accounting.

Cost Of Completion

The estimated expenses that are yet to be incurred to complete an ongoing project or to bring an asset to its intended use.

Market Value

The present cost at which a service or asset is available for purchase or sale in a market setting.

Replacement Cost

The current cost to replace an asset with a similar one of equivalent utility and quality, without considering depreciation.