A research director must pick a subset of research projects to fund over the next five years. He has five candidate projects, not all of which cover the entire five-year period. Although the director has limited funds in each of the next five years, he can carry over unspent research funds into the next year. Additionally, up to $30K can be carried out of the five-year planning period. The following table summarizes the projects and budget available to the research director.
Define the ILP formulation for this capital budgeting problem.
Definitions:
Park Funding
Financial resources allocated for the maintenance, development, and improvement of public parks.
Taxpayers
Individuals or entities that are obligated to pay taxes to a governmental authority.
Visitors
Individuals who travel to places other than their usual residence for any purpose other than employment remunerated from the place visited.
Oligopolistic Market
A market structure characterized by a small number of firms dominating the market, leading to limited competition and significant influence over price and market conditions.
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