Solved: How many reams of paper should be in each order ie the eoq, Basic Statistics

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How many reams of paper should be in each order ie the eoq

The local office supply store sells 600 reams of printer paper each year at a price of $2 per ream. It costs them $3 to order more paper and it costs $1 per ream to store the paper. The store operates 300 days per year, and an order takes 3 days to arrive. How many reams of paper should be in each order (i.e. the EOQ)? What is the REORDER POINT at which they should place new orders?

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Basic Statistics: How many reams of paper should be in each order ie the eoq

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