Homework Answers
1. EOQ quantity for this plan
= [ 2 x demand per annum x ordering cost / holding cost of a unit per year]1/2
= [ 2 x 2400x8/1]1/2 = 196 units
Cost of EOQ quantity
holding cost + order cost
= 196/2 x1 + 2400/196x8 = 195.95
Cost if 2400 units are ordered in one go.
TC =2400/2x1+2400/2400 x8 =1208
Cost of 600 units order size
600/2 x1 +2400/600x8 = 332
Cost of 200 units order size
200/2 x1+2400/200 x8 =196
Hence the cost of 196 units ( EOQ) is maginally lower than the 200 unit plan.
Q2
Rated score of Amy's armchair = 8+5x3 = 23
Rated score of Annie's armchair = 3+6x3 =21
Since Amy's score is higher than that of Annie's, the purchase decision shoudl go to Amy's
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