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Find the optimal policy

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Question: Suppose that production planning is to be done for the next 5 months, where the respective demands are r1=2, r2=4, r3=2, r4=2, and r5=3. The setup cost is $4,000, the unit production cost is $1,000, and the unit holding cost is $300. Use dynamic programming (graphical approach) to find the optimal policy and minimum total cost to satisfy the monthly requirements.

Reference no: EM131582414

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