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Meet Daily Production Requirements: Ensure that the inventory is sufficient to meet the variable daily demand for each component. Inventory Management: Initial Inventory Levels are
Meet Daily Production Requirements: Ensure that the inventory is sufficient to meet the variable daily demand for each component. Inventory Management: Initial Inventory Levels are given. Purchases add to the inventory based on variable daily prices. Usage depletes the inventory according to the variable daily demand. Inventory levels must stay within maximum capacity limits and above minimum safety stock levels (if applicable). The company incurs inventory costs at the end of each day. 3. Purchasing requirements: Maximum of 100 units of Microchips can be purchased on each day. Maximum of 200 units of Batteries can be purchased on each day. Maximum of 50 units of Displays can be purchased on each day. Maximum of 250 units of Sensors can be purchased on each day. Maximum of 150 units of Casings can be purchased on each day. Formulate algebraically the above problem. Define the decision variables, objective function, and constraints.
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Decision Variables Lets define the following decision variables xmt Number of Microchips purchased o...Get Instant Access to Expert-Tailored Solutions
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