A small medical lab uses roughly 3540 test strips a year. Currently, the lab purchases 350 strips per order and pays $5 per strip. The supplier has just announced that orders of 1000 test strips or more will be filled at the discounted price of $4 per strip, while the orders less than 1000 test strips will still be filled at $5 per strip. The lab incurs a cost of $135 each time it places an order and calculated that their annual holding cost is 16 percent of the purchase price a) Considering this new offer what should the lab's order quantity be to minimize the total costs? b) How much will the lab save with this quantity discount scheme offered by the supplier by using the new optimal order quantity as opposed to ordering 350 test strips every order? C) If the supplier offered the discount at 1,600 test strips instead of 1000 strips, what order quantity would minimize the total costs? What would be the total cost of using this order quantity