DS Ltd is trying to schedule production of two very popular toys for the next three months: a rocking horse and a scooter. Information about both toys is given below.
Begin. Inventory Required Required Production Inventory
Toy June 1 Plastic Time Cost Cost
Rocking Horse 25 5 2 12 1
Scooter 55 4 3 14 1.2
Plastic Time Monthly Demand Monthly Demand
Summer Schedule Available Available Horse Scooter
June 3500 2100 220 450
July 5000 3000 350 700
August 4800 2500 600 520
1. Develop a model that would tell the company how many of each toy to produce during each month. You are to minimize total cost. Inventory cost will be levied on any items in inventory on June 30, July 31, or August 31 after demand for the month has been satisfied. Your model should make use of the relationship: Beginning Inventory + Production - Demand = Ending Inventory for each month. The company wants to end the summer with 150 rocking horses and 55 scooters as beginning inventory for Sept. 1.
2. Solve the problem, using an appropriate software
3. Comment on the reduced cost and the shadow prices
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