Perishable Inventory Model Having Mixture of Weibull Lifetime and Demand as Function of both Selling Price and Time

In this paper we develop and analyse an inventory model for deteriorating items with mixture of Weibull rate of decay and demand as function of both selling price and time without shortages. Using the differential equations, the instantaneous state of inventory at time„t‟, the amount of deterioration etc. are derived. With suitable cost considerations the total cost function and profit rate function are also obtained by maximizing the profit rate function, the optimal ordering and pricing policies of the model are derived. The sensitivity of the model with respect to the parameters is discussed through numerical illustration. It is observed that the deteriorating parameters have a tremendous influence on the optimal selling price and ordering quantity.