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Robert Hope received a welcome surprise in this management science class;the instructor has decided to let each person define the percentage contribution to their grade for each of the graded instruments used in the class.These instruments were: homework,an individual project,a mid-term exam,and a final exam.Robert's grades on these instruments were 75,94,85,and 92,respectively.However,the instructor complicated Robert's task somewhat by adding the following stipulations:
• homework can account for up to 25% of the grade,but must be at least 5% of the grade;
• the project can account for up to 25% of the grade,but must be at least 5% of the grade;
• the mid-term and final must each account for between 10% and 40% of the grade but cannot account for more than 70% of the grade when the percentages are combined;and
• the project and final exam grades may not collectively constitute more than 50% of the grade.Formulate an LP model for Robert to maximize his numerical grade.
Subprime Mortgage
A type of home loan provided to individuals with poor credit histories, which carries a higher risk of default and higher interest rates.
2008 Financial Crisis
A global financial downturn triggered by the collapse of the housing bubble in the United States, leading to widespread economic contraction, failures of major banks and financial institutions, and significant government interventions.
Housing Bubble
A situation in real estate markets characterized by high demand, low supply, and inflated prices that eventually lead to a sharp decline.
Hurricane Katrina
A devastating Category 5 hurricane that struck the Gulf Coast of the United States in August 2005, especially affecting New Orleans and surrounding areas.
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