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The government is auctioning off oil leases at tvvo sites. At each site. 150.000 acres of land are to be auctioned. Companies A. B. and
The government is auctioning off oil leases at tvvo sites. At each site. 150.000 acres of land are to be auctioned. Companies A. B. and C are bidding for the oil. Government rules state that no bidder can receive more than 60% of the total land being auctioned. Company A has bid $2000 per acre for site 1 land and $1000 per acre for site 2 land. Company B has bid $1200 per acre for site 1 land and $1800 per acre for site 2 land. Company C has bid $1500 per acre for site 1 land and $1900 per acre for site 2 land. In addition. site 2 land received by companyA cannot exceed 60% of the land received by company A. Also. site 1 land received by company B must be no lower than 30% of the land received by company B. Formulate a linear programming model to determine how the government can maximize the revenue. {Provide an algebraic model. do NOT use Excel. no need to solve the model}
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