A DETERIORATING INVENTORY MODEL WITH SHORTAGES UNDER PRICE DEPENDENT DEMAND AND INFLATION
S. BARIK *
Department of Mathematics, SOA University, Bhubaneswar, India
Department of Mathematics, Govt. Science College, Malkangiri, Odisha, India
S. K. PAIKRAY
Department of Mathematics, V.S.S.U.T, Burla, Odisha, India
U. K. MISRA
Department of Mathematics, NIST, Palur Hills, Berhampur, Odisha, India
*Author to whom correspondence should be addressed.
The objective of this model is to discuss the inventory system for deteriorating items with price dependent demand pattern where Weibull rate of deterioration is considered. The model is formed with shortages and partially backlogging with inflation. The Economic order quantity is determined for maximizing the profit per unit time. The result is illustrated with numerical example.
Keywords: Deteriorating items, inflation, inventory system, price dependent demand