Meaning of economic lot size
That number of units of material or a manufactured item that can be purchased or produced within the lowest Unit Cost range. Its determination involves reconciling the decreasing trend in preparation unit Costs and the increasing trend in unit costs of storage, interest, insurance, Depreciation, and other costs incident to ownership, as the size of the lot is increased.
Source: http://www.sceaonline.org/prof_dev/CEBoK-Glossary.xls
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