A shop that makes candles offers a scented candle,which has a monthly demand of 360 boxes.Candles can be produced at a rate of 36 boxes per day.The shop operates 20 days a month.Assume that demand is uniform throughout the month.Setup cost is $60 for a run,and holding cost is $2 per box on a monthly basis.Determine the following:
(i)the economic run size
(ii)the maximum inventory
(iii)the number of days in a run
Correct Answer:
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