Question: Problem 1 (Multiperiod planning model) A company wants a high level, aggregate production plan for the next 5 months. Projected orders for the company's product

Problem 1 (Multiperiod planning model) A company

Problem 1 (Multiperiod planning model) A company wants a high level, aggregate production plan for the next 5 months. Projected orders for the company's product are listed in the table. Over the 5-month period, units may be produced in one month and stored in inventory to meet some later month's demand. The cost of production in each month is shown in the table. The cost of holding an item in inventory per month is $80 per unit. The maximum number of units that can be held in the inventory is 500. The initial inventory level at the beginning of the planning horizon is zero. The problem is to determine the optimal number of products to produce in each month so that demand is met while minimizing the total cost. Month Demand (units) Production cost ($ per unit) 1 1200 100 2 1500 105 3 1300 110 4 400 115 5 2000 95 1. Formulate a linear program to minimize the total cost (including the production cost and inventory cost), be sure to clearly define the decision variables, the objective function, and constraints of your model. 2. Implement and solve the model in Excel or Python, submit your file

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