Optimizing lot size and harvest size

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Optimizing Lot Size and Harvest Size

1. A supermarket expects to sell 5000 boxes of rice in a year. Each box costs $2, and there is a fixed delivery charge of $50 per order. If it costs $2 to store a box for a year, what is the order size and how many times a year should the orders be placed to minimize inventory costs?

2. A liquor warehouse expects to sell 10,000 bottles of scotch whiskey in a year. Each bottle costs $12, plus a fixed charge of $125 per order. If it costs $10 to store a bottle for a year, how many bottles should be ordered at a time and how many orders should the warehouse place in a year to minimize inventory costs?

Reference no: EM131083611

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