Define baumol model total carrying cost total ordering cost, Business Management

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Define baumol model total carrying cost total ordering cost

Define each of the following terms:
a. Baumol model

b. Total carrying cost; total ordering cost; total inventory costs

c. Economic ordering quantity (EOQ); EOQ model; EOQ range

d. Reorder point; safety stock

e. Red-line method; two-bin method; computerized inventory control system

f. Just-in-time system; outsourcing

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