Math Problem Statement
Solution
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Math Problem Analysis
Mathematical Concepts
Cost Optimization
Rounding
Multiplication
Total Time Calculation
Formulas
Total processing time per machine = (Product demand * Processing time per unit)
Number of machines needed = Total processing time / (8 hours/day * 240 days/year)
Total cost = (Purchasing cost + Operating cost per hour * 1920 hours/year * number of machines)
Theorems
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Suitable Grade Level
Undergraduate / Business Studies