Given the Following Data and Assuming the Product Can Be

question 133

Essay

Given the following data and assuming the product can be sold for $3 per unit, fill in Table 12.1. $\begin{array}{l}\text { Table } 12.1\\\begin{array} { c c c } \hline \text { QL } _ { \mathrm { L } } & \text { TP } & \begin{array} { c } \text { MR } \\\text { P }\end{array} \\\hline 1 & 25 & 75 \\2 & & 135 \\3 & 140 & \\4 & & 180 \\5 & 240 & \\6 & & 30 \\\hline\end{array}\end{array}$

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Definitions:

Total Cost

The aggregate of all costs, whether fixed or variable, incurred in producing goods or services.

Carrying Cost

The total expenses associated with maintaining inventory, encompassing storage costs, insurance fees, and taxes.

Fixed Cost

Costs that do not fluctuate in relation to the level of production or sales, such as rent or salaries.

Economic Order Quantity

The optimal quantity of inventory to order that minimizes total inventory costs, including holding, ordering, and shortage costs.