Post Utme Lautech 2024 Commerce Question 1
Practice objective / multiple choice question 1 from the 2024 Post Utme Lautech Commerce examination.
A company's inventory management system uses the Economic Order Quantity (EOQ) model to determine the optimal order quantity. The EOQ model is given by the formula: ( Q = sqrt{ rac{2DS}{h}} ), where Q is the optimal order quantity, D is the demand rate, S is the ordering cost, and h is the holding cost. If the demand rate is 1000 units per month, the ordering cost is ₦1000 per order, and the holding cost is ₦50 per unit per month, what is the optimal order quantity?
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This is Post Utme Lautech 2024 Commerce Question 1. It is one of the objective questions from the 2024 Post Utme Lautech Commerce examination.
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