Abstract
In this paper we consider a single product production/inventory model with the following characteristics. The production facility can be either on with producing rate 1, or off. The produced goods are stored in a buffer with capacity M. The inventory level is controlled by a (m,M)-switch-over policy with 0<m<M. Under this policy the production facility is turned on when the inventory level drops below some specified constant m and is turned off when the buffer is full.
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