3. [15 marks] SunSport Racket Manufacturing Inc., supplies badminton rackets to major league badminton teams. Demand over the twelve- month badminton season is approximately constant at 500 rackets per month. Assume that the racket production process can handle up to 1,000 rackets per month, the racket production setup costs are 100 per setup, the production cost is 15 per racket, and the holding costs have a monthly rate of 2% of the production cost per racket. Answer the following inventory policy questions. (a) What production lot size would you recommend to meet the demand during the badminton season? [6 marks] (b) If SunSport operates 20 days per month, how many production runs are needed? What is the length of a cycle time? [3 marks] (c) How long is the actual production time per run? [3 marks] (d) What is the idle time between production runs? [3 marks]