What is the Economic Order Quantity $($EOQ$)?$

Select one:

The total inventory cost considering the value of the purchase, order costs, warehousing costs and labour costs The period of time between orders in days, months and$/$or quarters, to reduce the inventory holding and ordering costs

The cost of an individual order considering the value of the purchase, order costs, warehousing costs and labour costs

The amount that should be ordered to minimize the cost of holding the inventory and the cost of ordering