Probability 10 hours of use per month 30 60 100 150 200 Which option should be selected, using the expected value criterion, so as to minimize this (Construct a payoff table reflecting the possible costs for each combination of action and event the app the EV criterion.) a Option I Option 3 b. Option 2 d. It does not matter which option is chosen 21. When the EOQ formula is used, which costs are minimized Order costs and carrying costs Order, carrying and stockout costs b. Order costs and stockout costs d Caming costs and stockout costs 22. What assumption is made in developing and applying the EOQ model & Demand is variable Demand is known and constant b. Demand is always maximized d Demand is not relevant 23. The Queens Box Company experiences a constant demand of 48.000 boxes per year to operate its business The unit cost is 30 (cents. Placing an order costs 520 and annual carrying costs are unit. The company operates 250 days per year and maintains a safety stack of 576 boxes. The lead time for an order of bones ist business days. The EOQ (rounded to the nearest whole number is C 300 units d. 950 units Cannot be determined from this d 24. Refer to the preceding question. The total order and carrying costs associated with the EOQ level is 5980 $1960 b. $490 d. None of these 25. Refer to question 23. The reorder point, R