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Explain how the prices of related goods also affect demand.
Lead Time
The amount of time that elapses between the initiation and completion of a process.
Economic Production Quantity
A model that determines the optimal quantity of a product to produce, minimizing total holding and setup costs.
Setup Time
The time required to prepare a machine or process for production.
Lot Size
It denotes the quantity of units produced or ordered in a single batch, influenced by considerations like cost and demand.
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