Find the optimal production schedule that minimizes the cost

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Montvelo is a manufacturer of luxury custom-order mountain bikes. The production planning is to be done for the next four months, where the respective demands are d_1 = 10, d_2 = 24, d_3 = 16, and d_4 = 12 where d_i is the demand of bikes in the ith month. The setup cost is $10,000 and the unit production costs are $3,000 in the first two months and 2,500 in the third and the fourth month. The holding cost is $500 per bike per month. Using any method you like, find the optimal production schedule that minimizes the cost.

Reference no: EM131135172

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