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In inventory management, Economic Order Quantity (EOQ) is the order quantity that minimizes the total holding costs and ordering costs. Suppose the optimal quantity of goods for a store to order is given by
where is the cost of placing the order and is the holding cost for each item. The range of values for and for which the is defined is:
The mean-value of a function over an interval can be computed through
Suppose that you are a Forex trader, trading currencies from the main countries. You are writing a report on the evolution of the EUR/USD market (how much Dollars does 1 Euro buy). You estimate that the value of the Euro expressed in Dollars in the last year followed
monthsThe mean-value of one EUR / USD in the last year was