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question 97

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Definitions:

Economic Order Quantity

A formula used to determine the optimal order size that minimizes the total holding costs and ordering costs in inventory management.

Variable Cost

Costs that vary directly with the level of production or volume of output.

Carrying Cost

The total cost of holding inventory, including storage, handling, depreciation, and opportunity costs.

Reorder Point

The specific inventory level at which an order for more supply is initiated to replenish stock before it runs out.