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A company wants to build a new factory in either Atlanta or Columbia. It is also considering building a warehouse in whichever city is selected for the new factory. The following table shows the net present value (NPV) and cost of each facility. The company wants to maximize the net present value of its facilities, but it only has $15 million to invest.
Formulate the ILP for this problem.
Biased Population
A group in which certain characteristics are over- or underrepresented, leading to skewed or unrepresentative sample outcomes.
Statistically Significant Population
A population size or characteristic in which differences or effects observed are unlikely to be due to chance, typically determined through statistical tests.
Representative Sample
A subset of a population that accurately reflects the members of the entire population, used in research to draw conclusions about the population as a whole.
Random Sample
A method of selecting a sample from a population in which each individual has an equal probability of being chosen.
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