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A bus company believes that it will need the following numbers of bus drivers during each of the next 5 years:
A bus company believes that it will need the followingnumbers of bus drivers during each of the next 5 years:60 drivers in year 1; 70 drivers in year 2; 50 drivers inyear 3; 65 drivers in year 4; 75 drivers in year 5. At thebeginning of each year, the bus company must decidehow many drivers to hire or fire. It costs $4000 to hirea driver and $2000 to fire a driver. A driver’s salary is$10,000 per year. At the beginning of year 1 the companyhas 50 drivers. A driver hired at the beginning ofa year can be used to meet the current year’s requirementsand is paid full salary for the current year.a. Determine how to minimize the bus company’ssalary, hiring, and firing costs over the next 5 years.
