EOQ Model for Inventory Induced Related Demand and Time Dependent Holding Cost under Permissible Delay in Payments
Deterioration is the continuous process of all items in the universe; it may be low and high for different items. Everything in the universe loss its originality with time. This paper develops an inventory model for stock-dependent demand and time varying holding cost under trade credits considering four different situations. The second order approximations are used for exponential terms. Optimal solutions are obtained using Mathematica 7.1 software. The numerical examples and sensitivity analysis are provided to illustrate the model proposed in this paper.
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