What is the optimal run time

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Reference no: EM131655879

A shop that makes candles offers a scented candle, which has a monthly demand of 345 boxes. Candles can be produced at a rate of 36 boxes per day. The shop operates 20 days a month. Assume that demand is uniform throughout the month. Setup cost is $57 for a run, and holding cost is $1.81 per box on a monthly basis.

What is the Optimal run (production) time (Hint: This will require the use of EPQ formula)?

Reference no: EM131655879

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