Question: Question 2b - 5 marks (answer in approximately 100 words giving brief explanations): In EOQ model, we make some simplifying assumptions. Three of them are:

Question 2b - 5 marks (answer in approximately 100 words giving brief explanations): In EOQ model, we make some simplifying assumptions. Three of them are: replenishment or shipment arrival is instantaneous; lead time is constant and usage rate or consumption rate is constant giving a perfect saw-tooth inventory graph. Explain these assumptions and mention what are the implications if the above assumptions are NOT true

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