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In the MBA program at a prestigious university in the Pacific Northwest,students bid for electives in the second year of their program.Each student has 100 points to bid (total)and must take two electives.There are four electives available: Management Science,Finance,Operations Management,and Marketing.Each class is limited to 5 students.The bids submitted for each of the 10 students are shown in the table below. (a)Formulate this problem as an assignment problem by constructing an appropriate cost table.(b)Reformulate this assignment problem as an equivalent transportation problem by constructing the appropriate parameter table.(c)Formulate and solve a spreadsheet model for this problem.d)Does the resulting solution in part (c)seem like a fair assignment? (e)Which alternative objectives might lead to a fairer assignment?
Future Earnings
Projected income or profit that an individual, company, or asset is expected to generate in the future.
Migration
The movement of people from one place to another, often from one country to another, for reasons such as employment, education, or escape from conflict.
Wage Rate
The amount of compensation or payment given to an employee for work performed, typically expressed as a rate per hour or piece.
Zinnia
A genus of plants of the sunflower tribe within the daisy family, known for their vividly colored flowers.
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