What is the cost-minimizing production plan

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Reference no: EM131652704

Demand for a product each month over the next year (2, 2, 2, 2, 2, 2, 2, 2, 5, 7, 6, 10). Regular-time production capability is limited each month, but overtime production can supplement. Regular-time capacity is 3 units per month, and the overtime capacity is 2 units per month. Production costs are $100 per unit for regular-time production and $120 per unit for overtime production each month. Inventory holding costs are $3 per unit per month. What is the cost-minimizing production plan that satisfies demand in every month (no backlogging)? Solve this problem using integer programming. Implement using Excel Solver if possible.

Reference no: EM131652704

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