Solution-Construct a linear programming model for company

Construct a linear programming model for company

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Reference no: EM132852680

Two mining companies, Fox and Trot, bid for the right to drill a field. The possible bids are $ 15 Million, $ 25 Million, $ 35 Million, $ 45 Million and $ 50 Million. The winner is the company with the higher bid. The two companies decide that in the case of a tie (equal bids), Fox is the winner and will get the field. Fox has ordered a geological survey and, based on the report from the survey, concludes that getting the field for more than $ 45 Million is as bad as not getting it (assume loss), except in case of a tie (assume win).

(a) Explain what is a saddle point. Verify: does the game have a saddle point?

(b) Construct a linear programming model for Company Trot in this game.

Reference no: EM132852680

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Construct a linear programming model for company

Reference no: EM132852680

Reference no: EM132852680

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