Question: Example 2.4-4 (Multiperiod Production Smoothing Model) A company is planning the manufacture of a product for March, April, May, and June of next year. The

Example 2.4-4 (Multiperiod Production Smoothing Model) A company is planning the manufacture of a product for March, April, May, and June of next year. The demand quantities are 520, 720, 520, and 620 units, respectively. The company has a steady workforce of 10 employees but can meet fluctuating production needs by hiring and firing temporary workers. The extra costs of hiring and firing a temp in any month are $200 and $400, respectively. A permanent worker produces 12 units per month, and a temporary worker, lacking equal experience, produces 10 units per month. The company can produce more than needed in any month and carry the surplus over to a succeeding month at a holding cost of $50 per unit per month. Develop an optimal hiring/firing policy over the 4-month planning horizon
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