In a BIP Problem,1 Corresponds to a Yes Decision and 0

question 1

Multiple Choice

In a BIP problem,1 corresponds to a yes decision and 0 to a no decision If project A can be undertaken only if project B is also undertaken then the following constraint needs to be added to the formulation:

• A)A + B ≤ 1
• B)A + B = 1
• C)A ≤ B
• D)B ≤ A
• E)None of the above

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Definitions:

Marginal Revenue

The additional income gained from selling one more unit of a product or service, crucial in determining the optimal level of output for a company.

Marginal Cost

The extra expense associated with manufacturing an additional unit of a product or service.

Oligopolistic Firm

A company operating in an oligopoly market structure, characterized by a few firms dominating the market, leading to specific behaviors like pricing collusion or competition.

Price Charge

The amount of money demanded by a seller for a product or service, essentially the cost to the buyer.