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Name: Suppose that a company needs 5 ×10,000 items during a year and that pr
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Description: Suppose that a company needs 5 ×10,000 items during a year and that preparation costs are $5 for each production run. Suppose further that it costs the company $3 to produce each item and $2 to store an item for up to a year. If each production run c

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Suppose that a company needs 5 ×10,000 items during a year and that preparation costs are $5 for each production run. Suppose further that it costs the company $3 to produce each item and $2 to store an item for up to a year. If each production run consists of x items, find x so that the total costs of production and storage are minimized.

How did you verify that the amount found in the this problem was a minimum? It is not sufficient to just identify then process, you must explain how it applied to this problem in particular.

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