In this paper, we develop an economic order quantity (EOQ) model for finite production rate and deteriorating items with time dependent increasing demand. The component cost and the selling price are considered at a continuous rate of time. The objective of this model is to maximize the total profit over the finite planning horizon. We also want to find the integral number of orders in the finite planning horizon. A numerical example, graphical representations and sensitivity analysis are given to illustrate the model.
Bibliographical noteFunding Information:
The authors wish to thank the reviewers for their helpful comments and suggestions to improve the paper. The 2nd author wants to to express her heartiest gratitude to her parents and elder brother without whose inspiration, it would have been impossible to make the research a reality. The corresponding author is also grateful to his parents, wife and son for their inspirations and continuous support. This research was supported by University Grant Commission , Delhi, India from the research grant of the Minor Project (no: 41-1433/2012(SR) ). The 1st two authors want to acknowledge the infrastructural help available at Vidyasagar University, West Bengal, India.
All Science Journal Classification (ASJC) codes
- Economics and Econometrics