Answer Happy

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DB-8 Optimization-inventory problems For each problem, show all work, write the final solution in words with the proper units. Problem 1: An auto parts retailer anticipates selling 960 brake pad sets in the next year. Each time they place an order of x brake pad sets they are charged a fixed fee of $15 plus $300 per set ordered. The storage fee is $8 per set annually. How many times should the retailer order and in what lot size to minimize costs? Problem 2: Suppose a company's revenue function is given by R(q) = -q² + 230q2 and its cost function is given by C(q) = 220 + 189 where q is hundreds of blender's sold produced, while R(q) and C(q) are in total dollars of revenue and cost, respectively. How many blenders need to be sold to maximize profits? What is the maximum profit? **CHALLENGE** Determine the price per blender when the profit is a maximum.