Using the approximation for finding the optimal policy for the stochastic single-period model with a setup cost
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and the costs are
Holding cost = 40 cents per item,
Shortage cost = $1.50 per item,
Purchase price = $1 per item,
Setup cost = $10.
Show your work, and then check your answer by using the corresponding Excel template in your OR Courseware.
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Related Book For
Introduction to Operations Research
ISBN: 978-1259162985
10th edition
Authors: Frederick S. Hillier, Gerald J. Lieberman
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