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- Chapter 6 Inventory Control Models
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M O D U L E

TEACHING SUGGESTIONS

Teaching Suggestion M6.1: Why Discuss Calculus? Many of the quantitative models are derived with the help of calculus. The economic order quantity (EOQ) model is one example. Nonlinear programming often uses calculus in nding the optimal solution to a problem. Teaching Suggestion M6.2: Graphical Presentation Aids in Understanding Maxima and Minima. When discussing the maximum and minimum values for a function, it is helpful to draw a graph and illustrate the problem. Since the rst derivative gives the slope of a tangent line, when this is set equal to 0, the result is a point where the tangent line has a slope of 0. This means that the tangent line is a horizontal line. Looking at a horizontal tangent line makes it clear that the point must be a minimum, maximum, or point of inection.

M6-6.

a. b. c. d.

Y = 500 X6

M6-7.

a. b. c. d.

Y = 100 2X 5 = 50 X5

M6-8.

a. b. c. d.

Y 30X4 1 Y 60X2 24 24 Y = 5 X

Y = 250 X6

M6-1. The slope of a straight line is found by choosing any two points on the line and dividing the change in Y by the change in X. M6-2. To nd the slope of a nonlinear function at a particular point, we nd the slope of a line that is tangent at that point. To do this, we add a small value (X) to X, and nd the resulting value of Y. The slope is the ratio of the change in Y to the change in X. As X approaches zero, the result is the slope. M6-3. To nd the maximum or minimum of a function, we take the rst derivative of this function, set it equal to zero, and solve for X. If the second derivative is negative at this point, then the point is a maximum. If the second derivative is positive, then the point is a minimum. If the second derivative is zero, then it is a point of inection. M6-4. zero. A critical point is a point where the rst derivative equals

M6-9.

Y 12X 5. Set this equal to 0 and solve. 12X 5 0 X 5/12 Y 12 which is greater than 0, so this point is a minimum.

M6-10.

Y X2 10X 25. Set this equal to 0 and solve. X2 10X 25 0 (X 5)(X 5) 0 X5 Y 2X 10 If X 5, then Y 2(5) 10 0. Thus, this is a point of inection.

SOLUTIONS TO PROBLEMS

M6-5. a. b. c. d. Y 2(3)X31 3(2)X21 0 6X2 6X Y 4(5)X51 2(3)X31 12(1)X11 20X4 6X2 12 1(2) 2 Y = 2 + 1 = 3 X X M6-11.

Y 3X2. Set this equal to 0. 3X2 0, so X 0. Y 6X. If X 0, then Y 6(0) 0. Thus, this is a point of inection.

Y =

25(4) X 4+1

100 X5

288

REVISED

Z06_REND6289_10_IM_MOD6.QXD 5/15/08 10:57 AM Page 289

MODULE 6

289

M6-12.

TR 1,200 0.5Q 1,200 0.5Q 0 1,200 0.5Q Q 2,400 TR 0.5. This second derivative is always negative, so Q 2,400 is a maximum.

180 6P2 0

P = 30 = 5.48 The price that will maximize revenue is 5.48.

M6-15.

M6-13.

TR 75P 2P2 To maximize total revenue, nd the rst derivative of TR. TR 75 4P. Set this equal to 0 and solve. 75 4P 0 P 75/4 18.75 At this price, Q 75 2(18.75) 37.5. M6-14. Total Revenue TR QP (180 2P2)P TR 180P 2P3 TR 180 6P2. Set this equal to 0 and solve.

50000 Q2

+5= 0

Q = 10000 = 100

M6-16.

TC =

50000(2) Q2+1

100, 000 Q3

100

3

100, 000

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