An Oil Company Controls Two Oil Fields

question 69

Essay

An oil company controls two oil fields.Field 1 can produce up to 45 million barrels of oil per day,and field 2 can produce up to 55 million barrels of oil per day.At field1,it costs $3 to extract and refine a barrel of oil; at field 2,the cost is $2.The company sells oil to two countries: France and Japan.The shipping costs per barrel are shown below. Each day,France is willing to buy up to 45 million barrels (at $6 per barrel),and Japan is willing to buy up to 35 million barrels (at $6.50 per barrel).Determine how to maximize the company's profit.

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