What Are Binary Integer Variables

question 17

Multiple Choice

What are binary integer variables?

• A) Variables with any two values, a and B.
• B) Variables with values 0 and 1.
• C) Variables whose sum of digits is 2.
• D) Variables with values between 0 and 1.

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Definitions:

Marginal Product

The additional output resulting from using one more unit of a particular input, holding all other inputs constant.

Marginal Cost

The incremental cost associated with producing an extra unit of a product or service.

Average Total Cost

The total cost of production divided by the number of units produced, representing the cost per unit of output.

Average Variable Cost

The total variable cost divided by the number of units produced, representing the variable cost per unit of output.