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A university shop buys in notebooks to sell to students. The annual demand is 7500 notebooks. Ordering cost is £3.30 per order and annual storage cost per item is £0.50.

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The shop decided to use an order quantity of 50 notebooks. Calculate the total order and storage costs for an order quantity (Q) of 50. 

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Calculate the Economic Order Quantity for the notebooks

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How much could the university shop save in order and storage costs if they use the EOQ as the order quantity?

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The University Shop is open 300 days per year. The lead time for receiving new stock from the supplier is 8 days. At what level of stock should the shop re-order to ensure they don’t run out of notebooks?

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