4. Michael is a purchasing manager of a company. He purchases a certain component from different suppliers. The demand is 8000 for the component a year, and no shortages are allowed. His major supplier gave him the following all-units discount price schedule: Quantity Unit price ($) Q=500 600 Michael knows that issuing an order costs him $50, and the inventory holding cost is $70 per unit per year. What is the economic order quantity (EOQ)? What is the total cost with the EOQ? (25pts)