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Title: An Optimal Inventory Model Based on Delay in Payment and Stock-Dependent Selling Rate
Source: International Conference on Engineering and Business Management 2012(Part 3 Engineering and Project Management) (pp 1919-1922)
Author(s): Yiqian Pan, Department of Mathematics and Computer Sciences, Guangxi Normal University for Nationalities, Chongzuo, 532200, China
Hai Huang, Department of Mathematics and Computer Sciences, Guangxi Normal University for Nationalities, Chongzuo, 532200, China
Abstract: An inventory model is established to minimize the average cost of inventory system with stockdependent selling rate under assumption that the supplier offers the retailer a delay period in this paper. Then, the existence and uniqueness of optimal solution of the model are proved and an algorithm to determine optimal ordering policy for the retailer is presented, numerical examples are given to illustrate the theorems in the end of this article.
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