3. Black Ridge Refining extracts minerals from ore mined at two different sites in Utah. Each ton of ore type 1 contains 15% copper, 20% zinc and 15% magnesium. Each ton of ore type 2 contains 25% copper, 25% zinc and 10% magnesium. Ore type 1 costs $90 per ton and ore type 2 costs $120 per ton. Black Ridge would like to buy enough ore to extract at least 8 tons of copper, 6 tons of zinc, and 5 tons of magnesium in the least costly manner. a. Formulate a spreadsheet model and use Solver to solve this LP problem. Copy and paste model below. a. Based on the sensitivity report, how much would it cost the company to get one more ton of copper

The new york times (nov. 30, 1993) reported that “the inability of opec to agree last week to cut production has sent the oil market into turmoil . . [leading to] the lowest price for domestic crude oil since june 1990.” why were the members of opec trying to agree to cut production? so they could save more oil for future consumption so they could lower the price so they could raise the price why do you suppose opec was unable to agree on cutting production? because each country has a different production capacity because each country experiences different production costs because each country has an incentive to cheat on any agreement the newspaper also noted opec’s view “that producing nations outside the organization, like norway and britain, should do their share and cut production.” what does the phrase “do their share” suggest about opec’s desired relationship with norway and britain? opec would like norway and britain to keep their production levels high. opec would like norway and britain to act competitively. opec would like norway and britain to join the cartel.