Question: 4. (5 points). Formulate the annual cost function when the EOQ model allows backorders. There are two decision variables in this formulation, order quantity Q

4. (5 points). Formulate the annual cost function

4. (5 points). Formulate the annual cost function when the EOQ model allows backorders. There are two decision variables in this formulation, order quantity Q and maximum number of backorders, B. Denote bas backorder cost per year per customer. [Note: You do not have to derive the optimal decisions.] Inventory Time

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