An EOQ Model for Varying Items with Weibull Distribution Deterioration and Price-dependent Demand

In this paper, we have developed an instantaneous replenishment policy for deteriorating items with price-dependent demand. The demand and deterioration rates are continuous and differentiable function of price and time respectively. A variable proportion of the items will deteriorate per time, where shortages are permissible and completely backordered. We have developed a policy with price-dependent demand under profit maximization. The net profit per unit time is a concave function. Further, it is illustrated with the help of a numerical example. Keywords: Price-dependent; Weibull distribution; Varying rate of deterioration.