Question: Operations/Supply Chain Problem Explain any formulas used and steps when solving. A toy manufacturer uses 48,000 rubber wheels per year for its popular dump truck

Operations/Supply Chain Problem

Explain any formulas used and steps when solving.

A toy manufacturer uses 48,000 rubber wheels per year for its popular dump truck series. The firm makes its own wheels, which it can produce at a rate of 800 per day. The toy trucks are assembled uniformly over the entire year. Carrying cost is $1 per wheel a year. Setup cost for a production run of wheels is $45. The firm operates 240 days per year. Determine the a. Optimal run size. b. Minimum total annual cost for carrying and setup. c. Cycle time for the optimal run size. d. Run time

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