Consider the following two-person, zero-sum game. Payoffs are the winnings for Company X. Formulate the linear program that determines the optimal mixed strategy for Company X.
Definitions:
Total Revenue
The total receipts from sales of goods or services before any expenses are deducted.
Price
The amount of money required to purchase a product or service, set by the interaction of supply and demand.
Perfectly Elastic
A market situation where a small change in price leads to an infinite change in the quantity demanded or supplied.
Supply Curve
A graph depicting the relationship between the price of a good and the quantity of the good that suppliers are willing and able to sell, typically upward sloping.
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