of processing checks. 7 ! The U.S. government is auctioning off oil leases at two sites: 1 and 2. At each site, 100,000 acres of land are to be auctioned. Cliff Ewing, Blake Barnes, and Alexis Pickens are bidding for the oil. Government rules state that no bidder can receive more than 40% of the land being auctioned. Cliff has bid $1,000/acre for site 1 land and $2,000/acre for site 2 land. Blake has bid $900/acre for site 1 land and $2,200/acre for site 2 land. Alexis has bid $1,100/acre for site 1 land and $1,900/acre for site 2 land. Formulate a balanced transportation model to maximize the government's revenue.
of processing checks. 7 ! The U.S. government is auctioning off oil leases at two sites: 1 and 2. At each site, 100,000 acres of land are to be auctioned. Cliff Ewing, Blake Barnes, and Alexis Pickens are bidding for the oil. Government rules state that no bidder can receive more than 40% of the land being auctioned. Cliff has bid $1,000/acre for site 1 land and $2,000/acre for site 2 land. Blake has bid $900/acre for site 1 land and $2,200/acre for site 2 land. Alexis has bid $1,100/acre for site 1 land and $1,900/acre for site 2 land. Formulate a balanced transportation model to maximize the government's revenue.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:of processing checks.
9 The U.S. government is auctioning off oil leases at twO
sites: 1 and 2. At each site, 100,000 acres of land are to be
auctioned. Cliff Ewing, Blake Barnes, and Alexis Pickens are
bidding for the oil. Government rules state that no bidder can
receive more than 40% of the land being auctioned. Cliff has
bid $1,000/acre for site 1 land and $2,000/acre for site 2 land.
Blake has bid $900/acre for site 1 land and $2,200/acre for site
2 land. Alexis has bid $1,100/acre for site 1 land and
$1,900/acre for site 2 land. Formulate a balanced transportation
model to maximize the government's revenue.
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