. What is the single-period model, and under what circumstances is it appropriate?

Explain how a decrease in setup time can lead to a decrease in the average amount of inventory a
firm holds, and why that would be beneficial.

. What is the single-period model, and under what circumstances is it appropriate?

. Can the optimal stocking level in the single-period model ever be less than expected demand?

Explain briefly.
What are some ways in which a company can reduce the need for inventories?