Question: (b) A company that make generators must plan its production schedule for the next four months. They estimate the demand is as follows: Month 1:

(b) A company that make generators must plan its production schedule for the next four months. They estimate the demand is as follows: Month 1: 4 Month 2: 3 Month 3: 7 Month 4: 2 They will start month 1 with 1 generator in stock. It costs $1,000 to store a generator for one month. Each generator costs $5,000 to manufacture though the company saves $1,000 if they make more than 3 generators in a month. They can make a maximum of 5 generators per month and there are no restrictions on the number of items that can be stored. They wish to end Month 4 with 0 generators in stock. Use dynamic programming to determine how many generators the company should manufacture each month. Include all definitions in your answer. No marks will be awarded if a method other than dynamic programming is used. [17 marks]

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