A company faces the following demands during the next three periods: period 1, 20 units; period 2, 10 units; period 3, 15 units. The unit production cost during each period is as follows: period 1—$13; period 2—$14; period 3—$15. A holding cost of $2 per unit is assessed against each period’s ending inventory. At the beginning of period 1, the company has 5 units on hand. The company wants to hold 8 units at the end of period 3. Formulate an LP to minimize the cost of meeting the demand for the next three periods.

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01-12-2022
Mathematics

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A company faces the following demands during the next three periods: period 1, 20 units; period 2, 10 units; period 3, 15 units. The unit production cost during each period is as follows: period 1—$13; period 2—$14; period 3—$15. A holding cost of $2 per unit is assessed against each period’s ending inventory. At the beginning of period 1, the company has 5 units on hand. The company wants to hold 8 units at the end of period 3. Formulate an LP to minimize the cost of meeting the demand for the next three periods.

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