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The management of a taxi company is under pressure to increase profitability in order to buy 300 new cars to replace its current fleet which

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The management of a taxi company is under pressure to increase profitability in order to buy 300 new cars to replace its current fleet which is consisting of 300 taxi cars. This is mainly because of the high competition with other taxi companies and because of the increase in the oil price. One proposed solution is to increase the taxi fees by 25% and simultaneously apply for a bank loan to replace 150 cars. a. Formulate the company's problem. b. Reformulate the problem in a creative way. c. Give two potential alternatives for your formulated (or reformulated problems in (a) or (b). (Don't concern yourself with feasibility)

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