Let F(x) = 8 - 4x

question 104

Essay

Let f(x) = 8 - 4x
Use a Riemann sum with four subintervals of equal length (n = 5) to approximate the area of R (under the graph of f on the interval [0, 2]). Choose the representative points to be the left end points of the subintervals.
__________ sq units
Repeat previous part with eight subintervals of equal length (n = 10).
__________ sq units
Compare the approximations obtained in previous parts with the exact area (8 sq units). Do the approximations improve with larger n?

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Definitions:

Holding Cost

The costs related to keeping inventory that hasn't been sold, covering storage fees, insurance, and losses due to items going bad.

Fixed Cost

Costs that do not change with the level of production or sales, such as rent, salaries, and insurance.

Economic Order Quantity

A calculation used to determine the optimal order quantity that minimizes the total inventory costs, including holding and ordering costs.

Inventory Policy

The set of guidelines a company follows to determine how much inventory should be kept on hand to meet customer demand and manage supply chain efficiency.