Meredith Ribbon Company Produces Paper and Fabric Decorative Ribbon That

question 49

Essay

Meredith Ribbon Company produces paper and fabric decorative ribbon that it sells to paper products companies and craft stores.The demand for ribbon is seasonal.Information about projected demand and production for a particular type of ribbon is given. ​
An inventory holding cost of $0.005 is levied on every yard of ribbon carried over from one quarter to the next.
a.Define the decision variables needed to model this problem.
b.The objective is to minimize total cost,the sum of production and inventory holding cost.Give the objective function.
c.Write the production capacity constraints.
d.Write the constraints that balance inventory,production,and demand for each quarter.Assume there is no beginning inventory in quarter 1.
e.To attempt to balance the production and avoid large changes in the workforce,production in period 1 must be within 5000 yards of production in period 2.Write this constraint.
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Definitions:

Subagent

An individual or entity that is appointed by an agent to perform tasks or services on behalf of the principal, under the supervision of the original agent.

Apparent Authority

A form of authority that a third party reasonably believes an agent has, based on the principal's behavior or words, which can bind the principal to agreements made by the agent.

Authorizing Document

An official document that grants permission or authority for certain actions or activities.

Ratify

To officially sanction or ratify an agreement or treaty, thereby making it legally binding.