Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
4631484 | Applied Mathematics and Computation | 2011 | 12 Pages |
Abstract
This paper develops a finite time-horizon deterministic EOQ (Economic Order Quantity) model where the rate of demand decreases quadratically with selling price. Prices at different periods are considered as decision variables. The objective is to find the optimal ordering quantity and optimal sales prices that maximizes the vendor’s total profit. The results are discussed with numerical examples. Sensitivity analysis of the optimal solution with respect to the key parameters of the system is carried out.
Related Topics
Physical Sciences and Engineering
Mathematics
Applied Mathematics
Authors
Shib Sankar Sana,