A production inventory model with selling price and stock sensitive demand under partial backlogging

Abstract

In the proposed paper we develop an inventory model for instantaneous deteriorating items with multi variate function of demand rate. Generally, we observe that the demand for any product depends on so many factors, out of which the available stock and selling price are the main factors. So in this paper we have assumed that the demand rate is a function of stock and selling price. The production rate is taken as a function of demand rate. The shortages are allowed and it is assumed that the occurring shortages will be backlogged for which the backlogging rate is a function of waiting time. The numerical example and sensitivity exploration with respect to various parameters are also cited to illustrate the study.