Question
The city council of Fayetteville is in the process of approving the construction of a new 200,000-ft^2 convention center. Two sites have been proposed, and
The city council of Fayetteville is in the process of approving the construction of a new 200,000-ft^2 convention center. Two sites have been proposed, and both require excessing the "eminent domain" law to acquire the property. The following table provides data about proposed (contiguous) properties in both sites together with the acquisition cost.
Site 1:
Property 1, Area (1000 ft^2)=20, Cost ($1000)=1000
Property 2, Area (1000 ft^2)=50, Cost ($1000)=2100
Property 3, Area (1000 ft^2)=50, Cost ($1000)=2350
Property 4, Area (1000 ft^2)=30, Cost ($1000)=1850
Property 5, Area (1000 ft^2)=60, Cost ($1000)=2950
Site 2:
Property 1, Area (1000 ft^2)=80, Cost ($1000)=2800
Property 2, Area (1000 ft^2)=60, Cost ($1000)=1900
Property 3, Area (1000 ft^2)=50, Cost ($1000)=2800
Property 4, Area (1000 ft^2)=70, Cost ($1000)=2500
(Picture of this table attached for further clarification)
Partial acquisition of property is allowed. At least 75% of property 4 must be acquired if site 1 is selected, and at least 50% of property 3 must be acquired if site 2 is selected. Although site 1 property is more expensive (on a per ft^2 basis), the construction cost is less than at site 2, because the infrastructure at site 1 is in much better shape. Construction cost is $25 million at site 1 and $27 million at site 2. Which site should be selected, and what properties should be acquired? Find the solution using excel solver or simplex solver.
Please attach a snap shot of your solution in either excel solver or simplex solver. If you are unable to do this an explanation of how to set this problem up and how to set up the constraints would be helpful. Any help is wanted and I will rate high very quickly. Thank you!
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