Forecasts production and sales during the time periods

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A firm starts production of a new product, and forecasts production and sales during the time periods (t1,t2,t3)=(1,2,3). The demand during time period t is estimated to be equal to t(4-t)/p^2 where p is a price of a product the firm will have to choose. At each period the firm is planning to produce N product units. The times T1, T2, T3, spent on production during the given time period (t1,t2,t3) are assumed to follow the learning curve model with learning curve exponent equal to -1. The production costs are proportional to the time spent on proudction. The unsold items are being stored and will be available at future periods.

Reference no: EM13996483

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