Exhibit 5-2
A small engineering firm employs one civil engineer, two engineering technicians, and one summer intern. The types of projects the firm does includes surveys (typically 7 per month), designs (5 per month), and construction project plans (four per month). The times, in hours, required for each employee to complete teach type of project are shown below. Based on their capabilities and time spent on travel and administrative tasks, the engineer, tech 1, tech 2, and intern can handle 5, 4, 4, and 3 projects per month, respectively.
-Refer to Exhibit 5-2.Implement a LP model in Solver and determine the optimal monthly assignment plan for the firm.What is the total number of hours that will be assigned to projects each month
Definitions:
Kinked Demand Curve
A model used in economic theory that suggests prices have a tendency to remain stable because competitors will more likely match price decreases but not price increases.
Opec
The Organization of Petroleum Exporting Countries, an intergovernmental organization of oil-producing countries that coordinates and unifies petroleum policies.
Oligopoly
A market structure characterized by a small number of large firms that have significant control over market prices and competition.
Game-Theory
A mathematical framework used for analyzing situations in which players make strategic decisions that affect the outcomes of all participants.
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