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This paper derives an inventory model is developed for items that deteriorates at a generalized Weibull distributed rate when demand for the items is dependent on the selling price. Shortages are not allowed and price inflation is taken into consideration over finite planning horizon. A brief analysis of the cost involved is carried out by theoretical analysis.
This paper proposes to present a general inventory model with due consideration to the factors of time dependent partial backlogging and time dependent deterioration. It also takes into account the impact of inflation, time-dependent demand and permissible delay in payments.
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