Question: Solve the following Economic Production Quantity problem using the following data: A company operates 220 days per year. They use brackets at the steady rate

Solve the following Economic Production Quantity problem using the following data:

A company operates 220 days per year. They use brackets at the steady rate of 50 per day. The brackets can be produced at the rate of 200 per day. Annual storage cost is $2.00 per bracket and machine setup cost is $70 per run.

What is the Economic Production Quantity?
How many production run will be needed per year (approximate)?
What is Imax?
What is average inventory?

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