Explanation of Solution
Formulating an LP:
Suppose that,
The regular salary of a shoemaker is $2,000 per month and it costs $1,500 to hire a worker and $1,900 to a fire a worker.
The overtime labor cost is as follows:
The material cost of a pair of shoes is $20.
The labor cost is:
Therefore, the total production cost of a pair of shoes is:
Therefore, the monthly cost of holding shoes in inventory is:
Therefore, the cost of the company is as follows:
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Introduction to mathematical programming
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