Maximizing Profit in Ore Mining
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A mine owner has the right to extract ore for a time duration . Initially there is ore in the ground. As ore is extracted, the instantaneous stock of ore declines, and is the extraction rate. Assume that the ore sells at a constant price and the extraction cost is .
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Contributed by: Housam Binous and Ahmed Bellagi (January 2016)
(King Fahd University of Petroleum & Minerals, KSA; University of Monastir, Tunisia)
Open content licensed under CC BY-NC-SA
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[1] Wikipedia. "Optimal control." (Jan 25, 2016) en.wikipedia.org/wiki/Optimal_control.
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