1Research Scholar, Department of Mathematics, School of Applied Sciences, Om Sterling Global University, Hisar-125001, E-mail: kusumbeniwal525@gmail.com
2Professor & Head, Department of Mathematics, School of Applied Sciences, Om Sterling Global University, Hisar-125001, kakoriavinod@gmail.com
Online published on 10 September, 2021.
The paper introduces a deterministic inventory model for declining goods with a demand rate that is increased to the power m by three. The cost of keeping is believed to be constant. This listing is for a single item. The lead time is zero. The shortages are approved and are completely backlogged. The solution of a differential equation for a sale price-dependent demand rate is the focus of this paper. This model estimated the total optimal cost, which was then numerically checked. Two-dimensional and three-dimensional graphs are used to verify the model's convexity. For the graphical presentation, Maple software is used.
Inventory model, Time Dependent, Deterioration, Shortages, Fractional Polynomial