E.P.Q Model for Deteriorating Items with Generalizes Pareto Decay Having Selling Price and Time Dependent Demand
- 1Department of Statistics, P.V.K.N Govt. College, Chittoor 517002, AP, INDIA
- 2Vijayam Degree College Chittoor 517001, AP, INDIA
Res. J. Mathematical & Statistical Sci., Volume 4, Issue (1), Pages 1-11, February,12 (2016)
In this paper we develop, analyze an E.P.Q model with the assumptions that the life time of commodity is random and follow a Generalized Pareto Distribution. It is assumed that demand is a function of both the time and selling price. Using the differential equations the instantaneous state of inventory is derived .With suitable cost consideration the total cost per unit and profit rate function are obtained. By maximizing the profit rate function, the optimal production quantity and optimal selling price are derived. The sensitivity of model with respect to the parameters and costs is done. This model is much useful for analyzing the situations arising at production processes dealing with perishable commodities.
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