Question: Question 3 a) What is the economic order quantity (EOQ) model? Write equations for Annual Ordering Cost and Annual Holding Cost. Consider a firm has

Question 3 a) What is the economic order quantity (EOQ) model? Write equations for Annual Ordering Cost and Annual Holding Cost. Consider a firm has maintained its daily inventory levels, as shown in the table below. What is the daily average and the average inventory level? Beginnin 8 10 Averag e Day 1 Ending 5 4 2 7 3 8 8 15 4 4 I 5 10 5 b. In the table below, two quantities are either increasing or decreasing simultaneously. Transform the proportionality into the equation for 'Y' and compute the value of constant of proportionality 'k'. X 3 Y 12 24 60 80 v| 15 20

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