Mathematical Modelling; Modelling Cycle
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Consider the following situation: {see attachment}
Develop a mathematical model which describes the contractors profit from the days work [a very simple model will do]. Then show how, using the modelling cycle, this model might be revised into a sequence of successively more sophisticated mathematical models, which show how the logging contractor might determine whether such jobs are truly worth doing.
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The expert examines mathematical modeling and modelling cycles.
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Please see attached file
If the net taking is x dollars, then on the basis of 2003 expenses, operational costs = 75% of x = 0.75x
Profit = x - 0.75x = (1 - 0.75)x = 0.25x
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