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This article analyses, Economic Order Quantity (EOQ) based inventory model for non-instantaneous deteriorating items with inflation under permissible delay in payment. Demand is a linear decreasing function of selling price. Shortages are allowed which are partially backlogged. An algorithm is proposed to find the optimal selling price, optimal stock-out period, optimal replenishment cycle time and the optimal ending inventory level. To ascertain the optimal solution exists, the conditions for the total profit in the inventory model which attains its global maximum are provided. Comparisons with the present model without inflation, without delay in payment, complete backlogging and instantaneous deterioration are presented. The numerical examples, graphical representation, and sensitivity analysis are given to illustrate the practical application of the proposed model.

Price determination of a non-instantaneous deteriorating EOQ model with shortage and inflation under delay in payment