Price determination for an EOQ model for deteriorating items under perfect competition

✍ Scribed by S.S. Mishra; P.P. Mishra

• Publisher: Elsevier Science
• Year: 2008
• Tongue: English
• Weight: 329 KB
• Volume: 56
• Category: Article
• ISSN: 0898-1221
• DOI: 10.1016/j.camwa.2008.01.034

✦ Synopsis

The problem of price determination for an EOQ model under perfect competition is of central importance in the field of inventory control and management, especially for such kind of models which study the dynamics of the market economy over time. In this paper, an attempt has been made to analyze and compute the price of a unit item of inventory for an EOQ model for deteriorating items under the perfect competition as an important market structure. Along with the optimization technique, the marginal revenue and marginal cost approach has been employed to determine the price of a unit item of inventory. The present work is presumably believed to provide theoretical as well as applicable insight for marketing experts and inventory managers engaged in this field.