Consider the problem of scheduling the weekly production of a certain item for the next 4...
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Consider the problem of scheduling the weekly production of a certain item for the next 4 weeks. The production cost of the item is $ 10 for the first 2 weeks, and $ 15 for the last 2 weeks. The weekly demands are 500, 700, 900 and 1000 units, which must be met. The plant can produce a maximum of 700 units each week. In addition the company can employ overtime during the second and third weeks. This increases the weekly production by an additional 200 units, but the cost of production increases by$ 5 per item. Excess production can be stored at a cost of $ 3 an item per week. Assuming no backlogging is allowed, how should the production be scheduled so as to minimize the total costs? Consider the problem of scheduling the weekly production of a certain item for the next 4 weeks. The production cost of the item is $ 10 for the first 2 weeks, and $ 15 for the last 2 weeks. The weekly demands are 500, 700, 900 and 1000 units, which must be met. The plant can produce a maximum of 700 units each week. In addition the company can employ overtime during the second and third weeks. This increases the weekly production by an additional 200 units, but the cost of production increases by$ 5 per item. Excess production can be stored at a cost of $ 3 an item per week. Assuming no backlogging is allowed, how should the production be scheduled so as to minimize the total costs?
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Step 1 Create spreadsheet model as follows E Production cost Producti... View the full answer
Related Book For
College Mathematics for Business Economics Life Sciences and Social Sciences
ISBN: 978-0321614001
12th edition
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
Posted Date:
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