Explore BrainMass
Share

optimization of a contract length

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

Suppose the marginal benefit of writing a contract is $60, independent of its length. Find the optimal contract length when the marginal cost of writing a contract of length L is:

a. MC(L) = 20 + 3L

MC(L) = 50 + 4L.

Instruction: Round your answers to 2 decimal places.

© BrainMass Inc. brainmass.com October 25, 2018, 9:45 am ad1c9bdddf
https://brainmass.com/economics/pricing-output-decisions/optimization-of-a-contract-length-585779

Solution Preview

The contract length is optimized when its marginal cost (MC) is ...

Solution Summary

The solution uses marginal cost and marginal benefit to find the optimal length of a contract.

$2.19
See Also This Related BrainMass Solution

Research Works for Satellite Route Optimization.

The Satellite Mission Scheduling problem with Dynamic Tasking (SMS-DT) involves scheduling tasks for a satellite, where new task requests can arrive at any time, non-deterministically, and must be scheduled in real-time. The schedule is a time ordered sequence of activities (scheduled tasks) to be performed by the payload of a satellite. Each activity has a start time and duration. The duration of an activity is a function of its start time: it can be calculated based on such factors as target size, task type, and geometry (between target and satellite, or due to lighting conditions). The transition time between activities is instantaneous, provided the targets lie within the field of view of the payload.
In addition, the Satellite Mission Scheduling problem is priority based: a lower priority task should not adversely impact a higher priority task. A lower priority activity could cause a higher priority activity move to a new location on the schedule, but cannot bump the higher priority activity off of the schedule. However, a higher priority activity could bump a lower priority activity off of the schedule in order for it to get on the schedule. A priority of 0 (zero) is highest and a priority of 999 is lowest. Given a choice, it is preferable to complete a task as early as possible.
Question
I have researched on monotonic algorithm and genetic algorithm. I would like to know what other algorithms are used in the past for this problem. And what are the pros and cons of them? Why do we still need to find or develop new or hybrid algorithm for this problem? Thank you.

View Full Posting Details