I have just purchased (at time 0) a new car for $12,000. The cost of maintaining a
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I have just purchased (at time 0) a new car for $12,000. The cost of maintaining a car during a year depends on its age at the beginning of the year, as given in Table 1. To avoid the high maintenance costs associated with an older car, I may trade in my car and purchase a new car. The price I receive on a trade-in depends on the age of the car at the time of trade-in (see Table 2). To simplify the computations, we assume that at any time, it costs $12,000 to purchase a new car. My goal is to minimize the net cost (purchasing costs + maintenance costs - money received in trade-ins) incurred during the next five years. Formulate this problem as a shortest-path problem.
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Related Book For
Operations Research Applications And Algorithms
ISBN: 9780534380588
4th Edition
Authors: Wayne L. Winston
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