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Management Studies

A shop that makes candles offers a scented candle, which has a monthly demand of 360 boxes. Candles can be produced at a rate of 36 boxes per day. The shop operates 20 days a month. Assume that demand is uniform throughout the month. Setup cost is $60 for a production run, and holding cost is $2 per box per month. Determine the following:

A) the economic run size

B) the maximum inventory (I-max)

C) the run time in days

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