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Consider a periodic review system with a lead time of two weeks and a review period of seven weeks. If the average demand per week is 1000 units and 300 units of safety stock are held, what should the target inventory level be?
Long Run
The time period in which all factors of production can be varied, but technology remains constant.
Product Differentiation
A marketing strategy that businesses use to distinguish their product from similar offerings in the market, through variations in quality, features, style, or branding.
Monopolistically Competitive
A market structure where many firms sell products that are similar but not identical, allowing for product differentiation and some price control.
Elasticity
A measure of how much the quantity demanded or supplied of a good responds to a change in one of its determinants, such as price.
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