(See attached file for full problem description)
Consider the Economic Lot Size Model and let K be the set-up cost, h be the holding cost per item per unit of time and D the demand rate. Shortage is not allowed and the objective is to find an order quantity so as to minimize the long-run average cost. That is, the objective is to minimize...
(See attached file for full problem description)© BrainMass Inc. brainmass.com March 21, 2019, 11:39 am ad1c9bdddf
The expert determines the optimal quantity for a lot size model.