In 1948,a Bell Labs Researcher Named Claude Shannon Wrote a Technical

question 62

True/False

In 1948,a Bell Labs researcher named Claude Shannon wrote a technical report in which he proposed that all information media could be encoded in binary digits,or bits.

---

Definitions:

Total Cost Functions

Mathematical representations that describe how the total cost of production changes as the output level varies.

Market Price

The existing rate at which an asset or service can be acquired or disposed of in a trading environment.

Technology

The application of scientific knowledge for practical purposes, especially in industry, which drives innovation, efficiency, and the development of new products and processes.

Total Costs

The total of all costs associated with producing goods or services, encompassing both fixed and variable expenses.