12) Production Quantity Model If a company has an ordering cost of $250, a carrying cost of $4 per unit, annual product demand of 6,000 units, and its production rate is 100 units per day. The company operates 320 days a year. The optimal order quantity is approximately   Group of answer choices 1,027 756 962 866

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A: Answer to the question is as follows:

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Q: C� = 2.38 - 0.006153Q� + 0.000005359Q2�2 + 19.2X1�1     (2.86)   (3.08)   (3.68)   (2.96)   where C�…

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.