Question
Hi Expert please help me with the following questions: what are the advantages of using software when doing OR vs. the benefits of doing the
Hi Expert please help me with the following questions:
- what are the advantages of using software when doing OR vs. the benefits of doing the work manually?
2.Background: An auctioneer wants to develop a simple mathematical model for deciding the starting bid to set when auctioning a used automobile.Essentially, they set the starting bid at seventy percent of what they predict the final winning bid will (or should) be.They predict the winning bid by starting with the car's original selling price and making two deductions, one based on the car's age and the other based on the car's mileage. The age deduction is $800 per year and the mileage deduction is $.025 per mile.
Hints:
Deterministic Operations Research programming problem:
-Hints: Is this a maximizing or minimizing problem?
-List the decision variables.
-List the constraints.
-please define the objective in a sentence or paragraph with the constraints and assumptions.
-Define the Objective function in this type of format
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started