(a) Why do we single out this intersection and call the price there “equilibrium price”? What makes this price different from other prices, and what do we mean by equilibrium?ANSWER. This special price at the intersection is the market clearing price. It is (usually) the only price at which the quantity demanded of the good is equal to the quantity supplied. We (economists) tend to believe that...

This paper addresses a multiperiod integrated model that plans deliveries to customers based upon inventories (at warehouse and customer locations) and vehicle routes. The model determines replenishment quantities and intervals at the warehouse, and distribution lots and delivery routes at customer locations. We investigate coordination of customer and warehouse replenishment decisions and illu...

Consider a manufacturer that sells goods to a retailer. When each party makes independent decisions, one party’s replenishment quantity may not be preferred by the other. Coordinated decision making, however, can help achieve system-wide optimality. It may reduce the need for inventories and lower the shipping costs, or enable improved utilization of resources at the manufacturer. Here, we pres...

Function Its purpose was to treat patients whose degree of subnormality was such that operative procedures with local anaesthesia and sedation would be difficult and rarely successful. Full general anaesthesia with endotracheal intubation and throat pack made it possible for the most intractable patient to have the necessary treatment completed in one visit. The theatre is equipped with all the...

The proliferation of both online and bricks and mortar outlet stores underscores the observation that secondary markets are readily accessible to retailers of short−life−cycle products. These secondary markets provide recourse channels for retailers to sell excess inventory of out of favor items at reduced prices when overstocking occurs in a primary market. We study the problem of determining ...

Strong competition and the high demands of consumergoods companies for just-in-time delivery together with high standards of product and service quality are turning the top end of the corrugated-board box market into a very tough place to be. Customers order a large variety of different boxes, each with its own colour scheme and product specific printing, and expect them to be delivered at very...

Maintaining traceability for transfer standards in the range of 10 Pa to 5 kPa is critical to many calibration laboratories. However, standards with suitable uncertainty that can also be practically implemented in the typical laboratory have not been available. A new pressure standard based on piston-cylinder technology has been developed that provides the measurement uncertainty needed to supp...

Pseudoexfoliation syndrome is a systemic age-related disease in which abnormal extracellular material is produced and accumulates in many ocular tissues. Its ocular manifestations involve all of the structures of the anterior segment as well as conjunctiva and orbital structures. The presence of pseudoexfoliation should alert the physicians to the increased risks associated during and after cat...

We develop an equilibrium business cycle model where nonconvex delivery costs lead producers of final goods to follow generalized (S,s) inventory policies with respect to intermediate goods. When calibrated to match the average inventory-to-sales ratio in postwar U.S. data, our model reproduces two-thirds of the cyclical variability of inventory investment. Moreover, inventory accumulation is s...

In a dynamic storable good market where demand changes over time, we investigate the producer’s strategic incentives to hold inventories in response to the possibility of buyer stockpiling. The literature on storable goods has demonstrated that buyer stockpiling in anticipation of higher future prices harms the producer’s profitability, particularly when the producer cannot commit to future pri...