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Economic Order Quantity 2.1

Economic Order Quantity
Calculate economic order quantity to minimizes total inventory holding costs and ordering costs.

EOQ is useful when demand for a product is constant over the a particular range of tim and when each new order is delivered in full at the point when your inventory reaches zero.

There is a fixed cost for each order placed, regardless of the number of units ordered. There is also a cost for each unit held in storage, commonly known...