Question: Problem 2. (20 points) The annual demand for a particular item is 1,500 units. Production cost per item is $7.50. Set-up cost per set-up is

Problem 2. (20 points) The annual demand for a particular item is 1,500 units. Production cost per item is $7.50. Set-up cost per set-up is $75 and annual production rate is 2,600. Holding cost per item per year is $0.80 Find the economic production quantity and the corresponding annual minimum cost

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