(20 points) In Lecture 5 we extended the newsvendor solution to the infinite horizon problem when there is no order lead time. Now suppose that the order lead time is L periods throughout the infinite horizon: if an order is placed at the beginning of period t, it arrives at the beginning of period t+L. Can we still extend the newsvendor solution to the infinite horizon problem in the case of backordering? Why or why not? Would your answer change in the case of lost sales? Why or why or not? (20 points) In Lecture 5 we extended the newsvendor solution to the infinite horizon problem when there is no order lead time. Now suppose that the order lead time is L periods throughout the infinite horizon: if an order is placed at the beginning of period t, it arrives at the beginning of period t+L. Can we still extend the newsvendor solution to the infinite horizon problem in the case of backordering? Why or why not? Would your answer change in the case of lost sales? Why or why or not