Question: 8. Using the Excel program Bidding.xls for bidding strategy and the data of the solved problem in Section 9.5, try to determine the optimum markup

8. Using the Excel program Bidding.xls for bidding strategy and the data of the solved problem in Section 9.5, try to determine the optimum markup using Solver to maximize the expected profit. Using the formulation on the sheet, set up Solver for optimizing the markup based on Friedman's and Gates' formulations, independently.

Compare the results with those of the solved example.

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