EBK BUSINESS STATISTICS
7th Edition
ISBN: 9780134462783
Author: STEPHAN
Publisher: PEARSON CUSTOM PUB.(CONSIGNMENT)
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A publishing company sells 400,000 copies of a certain book each year. Ordering the entire amount printed at the beginning of the year ties up valuable storage space and capital. However, printing the copies in several partial runs throughout the year results in added costs for setting up each printing run, which costs $1000. The carrying costs, figured on the average number of books in storage, are $.50 per book. Find the most economical lot size, that is, the production run size that minimizes the total setting up andcarrying costs.
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A Toot can be made in 30 minutes and has a feather attached to it. A Wheet requires 15 minutes, has two feathers, and is sprinkled with 0.5 oz of sequin powder. A Honk requires 30 minutes, has three feathers, and one oz. of sequin powder. The net profit is $0.40 per Toot, $0.50 per Wheet, and $0.80 per Honk. The following resources are available: 80 hrs of labor, 360 feathers, and 90 oz. of sequin powder. Determine the quantity of each type of noisemaker that maximizes profit.
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