Problem: Jeannette's steakhouse currently orders 200 pounds of single-portion filet mignons at a time (i.e. two-week supply). The annual demand for the filets is 5200 pounds. The ordering costs is estimated at $50. The annual holding costs is 30% of the unit price. Jeannette actually pays $7.50 per pound for the steaks. Jeannette can get a cheaper price based on quantity she orders. Determine the optimal order quantity based on the following data Order quantity Price/pounds 1 to 499 $7.50 500 to 999 $6.90 1000 and more $6.20