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2. Economic order quantity (EOQ) is the ideal order quantity a company should purchase to minimize inventory costs such as holding costs, shortage costs, and order costs. a. Using your company in question 1 use this production scheduling model to explain its significance and how it helps management minimize inventory costs by addressing the following: (5 marks) i. ideal order quantity ii. holding costs, iii. shortage costs, and iv. order costs 3. Delay in supply of goods or services results in a slower cycle time and adversely impacts on cash flow. Discuss and illustrate the conversion cycle