Question: Question 1: Answer the following questions - a. Provide a brief explanation for the following identity that is satisfied by the dynamics of a base

Question 1: Answer the following questions - a.

Question 1: Answer the following questions - a. Provide a brief explanation for the following identity that is satisfied by the dynamics of a base stock inventory model with base stock level R. For all t, IP(t) = R Also, briefly explain how this identity connects the derived results for the basestock model to the results of the newsvendor model. b. What is the main reasoning that determines the cost-based economic analysis of the (Q; r) model, in particular, the obtained characterizations of the long-term performance of this model with respect to the experienced holding cost and backorder cost? Characterize the layouts used in the following facilities: i. the radiology department of a large local hospital ; ii. the local voting center (for in-person voting); iii. the local Starbucks (before the pandemic); iv. a car repair shop. Please, briefly explain your answers

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