Consider the Following Constraint and Its Associated Binary Variables: XA

question 10

True/False

Consider the following constraint and its associated binary variables: XA + XB = 1.
This constraint is an example of an if-then constraint.

---

Definitions:

Uncertainty

The state of having limited knowledge where it is impossible to exactly describe the existing state, a future outcome, or more than one possible outcome.

Tuition

The fee charged for instruction or teaching, typically at a school, college, or university.

Expected Utility

The sum of the utilities associated with all possible outcomes, weighted by the probability that each outcome will occur.

Utility

The satisfaction or benefit derived by consumers from consuming a good or service.