What would be the predicted effect on the economic order quantity (EOQ) if demand is forecasted to drop by 50%? (HINT: use the EOQ equation to determine the effect of a 50% drop in demand on the resulting EOQ estimate). Question 7 options: EOQ decreases by approximately 30% EOQ decreases by approximately 70% EOQ increases by approximately 50% EOQ decreases by approximately 50%The primary goal of effective inventory management is to minimize holding costs associated with carrying excess inventory. Question 8 options: True False