AN EOQ MODEL WITH TRADE CREDIT BASED DEMAND UNDER INFLATION
By
Sita Meena1, Pooja Meena2 Anil Kumar Sharma3 and Rajpal Singh4
1,4Department of Mathematics, Raj Rishi Government College, Alwar, Rajasthan, India- 301001
2Department of Mathematics, University of Rajasthan, Jaipur, Rajasthan , India-302004
3Government Girls College, Tapukara, Alwar, Rajasthan, India-301707
Email: sitameena66@gmail.com, *Corresponding author: 9285poojameena@gmail.com,
anil.sharma.maths@gmail.com, rpsjat@gmail.com
(Received: October 23, 2022; In format: January 10, 2023; Revised: January 12, 2023; Accepted: January 23, 2023)
DOI: https://doi.org/10.58250/jnanabha.2023.53105
Abstract
In this work, an EOQ model is presented with trade credit period and time dependent demand under inflation and delay in payments for deteriorating items. Shortages are permitted and partially backlogged that depends on the waiting time of next replenishment cycle. The holding cost and deterioration rate is considered constant. The aim of this study is to maximize the total prot. An algorithm is presented to get the optimal values of total profit, total inventory and stock-out period. To illustrate theoretical model numerical assessments, graphical representation and sensitivity analysis is also discussed.
2020 Mathematical Sciences Classification: 90B05, 90B10, 90B50.
Keywords and Phrases: Trade credit period and time dependent demand, inflation, delay in payments, deteriorating items, partially backlogged shortages.
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