3. If EOQ is used for all items in an inventory, it is possible that the resulting total stock will exceed the available storage capacity. We need some means of reducing the stock until it is within acceptable space limits. One approach would put an additional cost on space used into the holding cost. Suppose that the following two parameters are considered to redesign the average holding cost: 8 additional cost related to the storage space used by each unit of an item ($ per m3) the amount of space (m3) occupied by one unit of an item. S (a) Design the new average holding cost per unit per unit time that includes the additional cost of space usage. You need to use above two parameters into the new cost function. (b) Derive the revised EOQ formula with the new holding cost component. 3. If EOQ is used for all items in an inventory, it is possible that the resulting total stock will exceed the available storage capacity. We need some means of reducing the stock until it is within acceptable space limits. One approach would put an additional cost on space used into the holding cost. Suppose that the following two parameters are considered to redesign the average holding cost: 8 additional cost related to the storage space used by each unit of an item ($ per m3) the amount of space (m3) occupied by one unit of an item. S (a) Design the new average holding cost per unit per unit time that includes the additional cost of space usage. You need to use above two parameters into the new cost function. (b) Derive the revised EOQ formula with the new holding cost component