1. When quantity discounts are offered, why is it not necessary to check discount points that are below the EOQ or points above the EOQ that are not discount points?
2. What is meant by "service level"?
3. Explain the following: All things being equal, the production order quantity will be larger than the economic order quantity.
4. Describe the difference between a fixed-quantity ( Q ) and a fixed-period ( P ) inventory system.