1. Find the const-minimizing set of bids Third, I will find the cost-minimizing set of bids in the illustrative example of a Mars Packing auction below. Denotes: Variables Xn-individual bid X Xz 1:05pm 1:00pm 2:30pm Supplier Suppler2 Supplier X X Xs X 1:11pm 1:14pm 1:20p 1:26pm 1:35pm 1:40pm Supplier Suppliers Suppler2 Suppliers Suppliers Supplier3 X X X11 1:41pm 1:52pm 1:59pm Sappier? Supplier2 Suppliers X12 Value Rate of Return Subject to: Mars 1,000 large Mars 2,500 medium Mars 4,000 small M&M 800 large M&M 1,500 medium M&M 2,500 small Snickers 400 large Snickers 750 medium Snickers 1,200 small 3Musketeers 100 large 3Musketeers 100 medium 3Musketeers 50 small 1 $2,050 $350 $1,199 1 0 1 0 1 0 $220 $4,639 $199 $1,199 $1,350 $350 $2,200 0 $999 $1,700 0 Total 4,169 LHS Sign RHS 1 1 1 1 - 1 1 1 1 1 1 = 1 1 1 1 1 - 1 1 1 1 1 1 1 1 1 1 1 - 1 1 1 1 - 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 2 I formulate using a liner programing framework. there are twelve decision variables According to the formulation, the winner of this auction is Supplier1, Supplier2, Supplier3 and Supplier5. 1