Question: Develop an optimization model and use solver to determine order quantities and rental storage space (minimization of total cost).

The Woodstock Appliance Company carries four products. The annual demands for these products range from 300/year for a high-end vacuum cleaner to 30,000/year for a table fan. The order costs, holding costs, and purchase costs, as well as how much space each product occupies, are known for each of the four products. The numerical information is summarized in the following table Product 300 S250 10% S1,000 20 Annual Demand 5,000 $400 10% $500 12 10,000 10% 25 30,000 $100 10% $80 Order Cost (S Holding Cost Rate Purchase Price Space/unit Woodstock rents a warehouse in NJ to store and distribute its inventory of the four products. The rent is $7 per square feet per year. The warehouse manager asks you to develop a "simple" inventory control policy (i.e., the order quantities/cycles) and determine how much storage space to rent. Assume that the order cycle for each product is at least one week The Woodstock Appliance Company carries four products. The annual demands for these products range from 300/year for a high-end vacuum cleaner to 30,000/year for a table fan. The order costs, holding costs, and purchase costs, as well as how much space each product occupies, are known for each of the four products. The numerical information is summarized in the following table Product 300 S250 10% S1,000 20 Annual Demand 5,000 $400 10% $500 12 10,000 10% 25 30,000 $100 10% $80 Order Cost (S Holding Cost Rate Purchase Price Space/unit Woodstock rents a warehouse in NJ to store and distribute its inventory of the four products. The rent is $7 per square feet per year. The warehouse manager asks you to develop a "simple" inventory control policy (i.e., the order quantities/cycles) and determine how much storage space to rent. Assume that the order cycle for each product is at least one week