An Inventory Model with Price Dependent Demand Rate, Quadratic Holding Cost and Deteriorating Rate with Shortages

In this paper, a deterministic inventory model has been developed with a selling price dependent demand rate. A quadratic holding cost is being considered of time, in which shortages are allowed and is completely backlogged. The objective of this model is to minimize the total inventory cost. At the end of the paper, numerical examples are provided to illustrate the problem and sensitivity analysis the have been carried out to show the effect of variation in the parameters with the graphs.