Formulate an appropriate model for this scenario
What will be an ideal response?
Answer: If the variables are assigned as in the table:
x1 = contractor works on wood floors x2 = landlord works on wood floors
x3 = contractor works on kitchen tile x4 = contractor works on kitchen tile
x5 = contractor works on back door x6 = contractor works on back door
x7 = contractor works on garage door x8 = contractor works on garage door
then an appropriate objective function will be:
Max Z = 100x1 + 100x2 + 80x3 + 80x4 + 15x5 + 15x6 + 20x7 + 20x8
Subject to:
x1 + x2 ≤ 1
x3 + x4 ≤ 1
x5 + x6 ≤ 1
x7 + x8 ≤ 1
2700x1 + 400x2 + 2500x3 + 1000x4 + 600x5 + 250x6 + 350x7 + 400x8 ≤ 3000
1x1 + 2x2 + 1.5x3 + 3x4 + 0.5x5 + 1x6 + 0.25x7 + 0.5x8 ≤ 4
x1, x2, x3, x4, x5, x6 , x7, x8 are 0,1
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When a licensee anticipates transactions involving real estate owned by that licensee, the law requires the licensee to:
A. List the property with the broker holding the licensee;s license, B. Have earnest money checks made payable to the licensee owning the property. C. Notify their broker, in writhing, prior to entering into the transaction. D. Notify the Georgia Real Estate Commission within fourteen (14) days from the date of the contract.
What are three possible responses to low-cost competitors?
What will be an ideal response?