Decision Science Help....
The seaside city of Finike is faced with a severe budget shortage. Seeking a long-term solution, the city votes to improve the tax base by replacing an underutilized housing area with a modern development.
The project involves two phases: (1) demolishing substandard houses to provide land for the new development, and (2) building the new development. The following is a summary of the situation.
(a) As many as 150 houses can be demolished. Each demolition costs $2000 and frees up a 0.25 acre lot for development.
(b) Lot sizes needed for the new single-, double-, and triple-family homes (units) are 0.18, 0.28 and 0.40 acre respectively.
(c) In the new development the single-family units should be at least 30% of the total. The ratio of triple-family units to double-family units should be at most 1 to 3.
(d) The tax levied per unit for single, double, and triple units is $1000, $1800, and $2900, respectively.
(e) The construction cost per unit for single, double, and triple units is $50,000, $70,000, and $130,000, respectively. Financing through a local bank can amount to a maximum of $12.5 million.
I think I have the objective function, but I seriously need help with finding the other constraints. I know there are supposed to be 5. Any and all help would be appreciated!