An item is consumed at the rate of 30 items per day. The holding cost per unit
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An item is consumed at the rate of 30 items per day. The holding cost per unit per day is $.05, and the setup cost is $100. Suppose that no shortage is allowed and that the purchasing cost per unit is $10 for any quantity not exceeding 500 units and $8 otherwise. The lead time is 21 days. Determine the optimal inventory policy.
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