Question: Solve the problem with a computer if you can Question # 3. (3 Marks) Hadiid Steel Co. trying to determine how to minimize the annual

Solve the problem with a computer if you can

Question # 3. (3 Marks) Hadiid Steel Co. trying to determine how to minimize the annual costs associated with purchasing steel scrap for its raw material. Each time an order is placed an ordering cost of $150 is incurred. The price of steel scrap depends on q, the weight of steel scrap ordered (in tons). The annual holding cost is 20% of the dollar value of inventory. During each month, the company uses 50 tons of steel scrap. Determine: a. the optimal order quantity and b. the number of orders placed each year. No. of steel scrap Ordered (tons) Price per ton q

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