Question: Question 3 Inventory Models It is your responsibility as the new head of automotive section of Nichols Department Store, to ensure that reorder quantities for

Question 3 Inventory Models It is your responsibility as the new head of automotive section of Nichols Department Store, to ensure that reorder quantities for the various items have been correctly established. You decide to test one item and choose Michelin Tires. The parameters for the inventorv svstem are as follows: Assume demand gecurs 52 weeks per year. Demand is normally distributed. Because customers generally do not wait for tires but go elsewhere, you decide on a service level of 97.5%. (a) What is the economic order quantity (EOQ)? (b) What is the reorder point

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