A Production Order Quantity Problem Has a Daily Demand Rate

question 67

Multiple Choice

A production order quantity problem has a daily demand rate = 10 and a daily production rate = 50.The production order quantity for this problem is approximately 612 units.What is the average inventory for this problem?

• A)61
• B)245
• C)300
• D)306
• E)490

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Definitions:

Equilibrium Quantity

The amount of products or services available and sought after at the equilibrium price, where the supply meets the demand.

Price Floor

A government or regulatory-imposed minimum price for goods or services, intended to prevent prices from dropping too low.

Shortage

A circumstance in which the market desire for a service or product is greater than the supply.

Surplus

The situation in which the quantity supplied of a product exceeds the quantity demanded, often leading to price decreases.