Did I do this question correctly? If not please show where I went wrong and how to fix it.The government is auctioning off oil leases at two sites. At each site, 150,000 acres of land are to be auctioned. Cliff Ewing, Blake Barnes, and Alexis Pickens are bidding for the oil. Government rules state that no bidder can receive more than 45% of the land being auctioned. Cliff has bid $2000 per acre for site 1 land and $1000 per acre for site 2 land. Blake has bid $1800 per acre for site 1 land and $1500 per acre for site 2 land. Alexis has bid $1900 per acre for site 1 land and $1300 per acre for site 2 land.a. Determine how to maximize the government’s revenue with a transportation model.b. Use SolverTable to see how changes in the government’s rule on 45% of all land being auctioned affect the optimal revenue. Why can the optimal revenue not decrease if this percentage required increases? Why can the optimal revenue not increase if this percentage required decreases? Get Data (PowerQuery)455Ewing6 Bames7Pickens1 Oil lease auction23 Bids for sites (dollars/acre)22232425262728293031323334353637383940+PointOData fromPicture89 Max % that can be sold to any bidder1011 Number of acres sold to bidders1213 Ewing14 Bames15 Pickens16 Total1718 Available1920 Revenue ($millions)21X ✔ fx Oil lease auctionP5-43AP5-46RefreshAllJUN20200018001900PropertiesEdit Links13500000=SUM(B13:815)150000P5-52STS_1BSite 1Site 1/1000000STS_21000150013000.451350000150000自=SUM(C13:C15)+StocksCGeographySite 2Site 2=SUM(B13:C13)=SUM(B14:C14)=SUM(B15:C15)=B18+C18DTotal2BEYClearFilter진DNSort<=<=ESet Objective:ClearO MaxReapplyAdvanced=$D$18*$C$9=$D$18*$C$9=$D$18*$C$9$B$20To:By Changing Variable Cells:$B$13:$C$15MinFSolver Parameters50%-Subject to the Constraints:$B$16:$C$16 <= $F$13:$F$14$D$13:$D$15 <= $B$18:$D$18Text toColumnsMax allowedValue Of:Make Unconstrained Variables Non-NegativeSelect a Solving Method:Simplex LP0GAddChangeDeleteReset AllLoad/SaveOptionsSolving MethodSolart the COC Nonlinear anning for Coluar Drahlame that are monthAn InsertFunctionA11234A1 Oil lease auction2AutoSum Recently Financial LogicalUsed3 Bids for sites (dollars/acre)x ✓ fx5 Ewing6 Bames7 Pickens891011 Number of acres sold to bidders1213 Ewing14 Barnes15 Pickens16 TotalMax % that can be sold to any bidder1718 Available1920 Revenue ($millions)2122232425262728293031323334353637383940BSite 1$2,000$1,800$1,900Site 1135000Oil lease auction00135000$150,000V$473?C₁Site 2$1,000$1,500$1,3000.45Site 201350000135000V$150,000ATextDTotal1350001350000$300,000VDate &Time<=<=ELookup &ReferenceFMax allowed135000135000135000N

Find the Given details below: Given details: Cliff Ewing Blake Barnes Alexis Pickens Total…

The government is auctioning off oil leases at two sites. At each site, 150,000 acres of land are to be auctioned. Cliff Ewing, Blake Barnes, and Alexis Pickens are bidding for the oil. Government rules state that no bidder can receive more than 45% of the land being auctioned. Cliff has bid $2000 per acre for site 1 land and $1000 per acre for site 2 land. Blake has bid $1800 per acre for site 1 land and $1500 per acre for site 2 land. Alexis has bid $1900 per acre for site 1 land and $1300 per acre for site 2 land. a. Determine how to maximize the government’s revenue with a transportation model. b. Use SolverTable to see how changes in the government’s rule on 45% of all land being auctioned affect the optimal revenue. Why can the optimal revenue not decrease if this percentage required increases? Why can the optimal revenue not increase if this percentage required decreases?

The government is auctioning off oil leases at two sites. At each site, 150,000 acres of land are to be auctioned. Cliff Ewing, Blake Barnes, and Alexis Pickens are bidding for the oil. Government rules state that no bidder can receive more than 45% of the land being auctioned. Cliff has bid $2000 per acre for site 1 land and $1000 per acre for site 2 land. Blake has bid $1800 per acre for site 1 land and $1500 per acre for site 2 land. Alexis has bid $1900 per acre for site 1 land and $1300 per acre for site 2 land. a. Determine how to maximize the government’s revenue with a transportation model. b. Use SolverTable to see how changes in the government’s rule on 45% of all land being auctioned affect the optimal revenue. Why can the optimal revenue not decrease if this percentage required increases? Why can the optimal revenue not increase if this percentage required decreases?

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.3: Simple Regression Models

Problem 1P: The file P13_01.xlsx contains the monthly number of airline tickets sold by a travel agency. a. Does...

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The file P13_27.xlsx contains yearly data on the proportion of Americans under the age of 18 living below the poverty level. a. Create a time series chart of the data. Based on what you see, which of the exponential smoothing models do you think will provide the best forecasting model? Why? b. Use simple exponential smoothing to forecast these data, using a smoothing constant of 0.1. c. Repeat part b, but search for the smoothing constant that makes RMSE as small as possible. Create a chart of the series with the forecasts superimposed from this optimal smoothing constant. Does it make much of an improvement over the model in part b? d. Write a short report to summarize your results. Considering the chart in part c, would you say the forecasts are good?
The file P13_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel Agency. a. Create a time series chart of the data. Based on what you see, which of the exponential smoothing models do you think will provide the best forecasting model? Why? b. Use simple exponential smoothing to forecast these data, using a smoothing constant of 0.1. c. Repeat part b, but search for the smoothing constant that makes RMSE as small as possible. Does it make much of an improvement over the model in part b?
The file P13_20.xlsx contains the monthly sales of iPod cases at an electronics store for a two-year period. Use the moving averages method, with spans of your choice, to forecast sales for the next six months. Does this method appear to track sales well? If not, what might be the reason?
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Stock market analysts are continually looking for reliable predictors of stock prices. Consider the problem of modeling the price per share of electric utility stocks (Y). Two variables thought to influence this stock price are return on average equity (X1) and annual dividend rate (X2). The stock price, returns on equity, and dividend rates on a randomly selected day for 16 electric utility stocks are provided in the file P13_15.xlsx. Estimate a multiple regression equation using the given data. Interpret each of the estimated regression coefficients. Also, interpret the standard error of estimate and the R-square value for these data.
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The file P14_01.xlsx contains data on 100 consumers who drink beer. Some of them prefer light beer, and others prefer regular beer. A major beer producer believes that the following variables might be useful in discriminating between these two groups: gender, marital status, annual income level, and age. a. Use logistic regression to classify the consumers on the basis of these explanatory variables. How successful is it? Which variables appear to be most important in the classification? b. Consider a new customer: Male, Married, Income 42,000, Age 47. Use the logistic regression equation to estimate the probability that this customer prefers Regular. How would you classify this person?
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