$14.$The Economic order quantity model $($EOQ$)$:a$.$ Determines order quantity a company should purchase for its inventory given a set cost of production, demand rate and other variablesb. Is impossible to calculatec. Determines order quantity to minimize the total inventory costs by balancing the inventory holding cost and average fixed ordering costd$.$ Quantity of an item to be held in inventory to reduce the risk that the item will be out of stock