Abstract
In this paper, an inventory model for time dependent non-instantaneous deteriorating item is formulated. A joint price and time dependent demand function is assumed. The work proposed by Maihami and Kamalbadi (Int J Prod Econ 136(1):116–122, 2012) has been extended and improved upon to reflect the real market situation. The demand is a joint price and time dependent function, but rather than being exponential with respect to time, it is quadratic. Partially backlogged and shortages are allowed along with non-zero lead time. The aim is to optimize simultaneously the selling price, order quantity and replenishment schedule to maximize the total profits. The sensitivity of the different parameters involved in the model is also examined.
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