This paper improves upon the existing literature surrounding the production order quantity inventory model in which unit cost and daily production are assumed to be constant. By including economies of scale into the model, we examine its impact on production order quantity and total cost. The...

This paper uses an ordered probit model on a sample of 427 students enrolled in operations management; a required course in the curriculum of many business colleges. Analysis on the estimated mode l and further study into the marginal impact of each explanatory variable displays the expected...