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Perform the indicated matrix operations.
-Let and . Find .
Economic Order Quantity (EOQ)
A formula used by businesses to determine the optimal order quantity to minimize total inventory costs.
Carrying Costs
The total cost of holding inventory, which includes warehousing, insurance, spoilage, and opportunity costs.
Ordering Costs
Expenses associated with placing orders for inventory, including administrative expenses, delivery charges, and any other costs related to buying goods or services.
Carrying Costs
Carrying costs are the total expenses associated with holding or storing inventories over a certain period.
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