What is Economic Order Quantity (EOQ)? What assumptions is the model based on?

1. What is Economic Order Quantity (EOQ)? What assumptions is the model based on? Provide some examples of the types of firms that might use EOQ, and what they use it for. 2.What is the purpose of inventory, and what are the primary reasons for companies to carry inventory? Provide examples for each reason 3.
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Your response to each question should be at least 200 words in length. All sources used must be referenced; paraphrased and quoted material must have accompanying citations. 1. What is Economic Order Quantity (EOQ)? What assumptions is the model based on? Provide some examples of the types of firms that might use EOQ, and what they use it for. 2.What is the purpose of inventory, and what are the primary reasons for companies to carry inventory? Provide examples for each reason 3. What is the purpose of a continuous review system, and how does it work? What makes it different from a periodic review system?