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Mathematical optimization is a tool and like any tool, the more one understands its structure and its functional utility, the more valuable it becomes. Thus, as a user of optimization procedures, one must cultivate an ability to recognize in an assigned economic situation the existence of an optimization problem, to develop the knowledge to characterize it, and to realize what practical techniques exist to solve it. Therefore in this thesis, some of these optimization methods will be examined and applied with reference to a production/inventory model. Several economic situations will be presented to illustrate the versatility and limitations of such methods.
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