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Question:
(a) What is meant by inventory?
(b) Name the typical items carried in inventory.
(c) What are the assumptions for the Economic Order Quantity (EOQ)?
(d) What are the characteristics of a queuing system?
(e) What are the implications of waiting lines?
(f) List and explain briefly the most important factors to consider in analyzing a queuing system.
(g) What are the assumptions of the basic simple queuing model?
1. Consider an economy in which George and Harriet consume only ale and bread. Georgeís utility function is UG = aG(bG 1) where aG and bG are his consumption of ale and bread
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