Determine the minimum-cost exploration scheme

Assignment Help Microeconomics

Reference no: EM131162790

As the leader of an oil-exploration drilling venture, you must determine the least-cost selection of 5 out of 10 possible sites. Label the sites S₁, S₂, . . . , S₁₀, and the exploration costs associated with each as C₁,C₂, . . . ,C₁₀.

Regional development restrictions are such that:

i) Evaluating sites S₁ and S₇ will prevent you from exploring site S₈.

ii) Evaluating site S₃ or S₄ prevents you from assessing site S₅.

iii) Of the group S₅, S₆, S₇, S₈, only two sites may be assessed.

Formulate an integer program to determine the minimum-cost exploration scheme that satisfies these restrictions.

Reference no: EM131162790

Questions Cloud

Write a linear program to achieve our objective : Write a linear program to achieve our objective. Cast the model above as a network problem. Draw the associated network and give an interpretation in terms of flow in networks.

Describe the social factors that contribute to the problem : Identify and describe the social factors that contribute to the problem. Identify and examine a federal or state social welfare policy that aims to address this social problem.

Determine the service utilization : Simulate the process for the first twenty persons arriving for flu shots.- Determine the average time in queue.- Determine the service utilization.

How does this affect the mean weight of the packages : Is the sample mean always equal to one of the values in the sample? If so, explain why. If not, give an example.

Determine the minimum-cost exploration scheme : As the leader of an oil-exploration drilling venture, you must determine the least-cost selection of 5 out of 10 possible sites. Formulate an integer program to determine the minimum-cost exploration scheme that satisfies these restrictions.

Determine the average time in queue : Simulate the pediatric practice for twenty - five patients. - Determine the average time in queue. - Determine the service utilization.

Difference between a male and female manager and/or leader : Using the four characteristics you chose, evaluate how one gender may possess the four characteristics to a greater or lesser degree. Based on this evaluation, does gender impact whether or not an individual is a good manager or leader? Explain wh..

Formulate an integer program that will provide the company : Formulate an integer program that will provide the company with the minimum amount it must spend to meet the requirements of the program.

Compute the mean measurement for each method : For which method is the standard deviation the largest? Why should one expect this method to have the largest standard deviation?

User Account

All Pages