Algebraic method for EOQ Models with Temporary Sale Price

Recently, in order to introduce economic decision analysis to those younger students in school without the sophisticated knowledge of calculus, there have been more and more researchers devoting themselves to solving EOQ and EPQ models without derivatives. Wee et al. (2003) proposed an EOQ model wit...

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Bibliographic Details
Published inJournal of interdisciplinary mathematics Vol. 20; no. 8; pp. 1631 - 1636
Main Authors Lin, Scott Shu-Cheng, Deng, Peter Shaohua
Format Journal Article
LanguageEnglish
Published Taylor & Francis 17.11.2017
Subjects
Algebraic method
EOQ
Inventory
Temporary sale price
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Summary:Recently, in order to introduce economic decision analysis to those younger students in school without the sophisticated knowledge of calculus, there have been more and more researchers devoting themselves to solving EOQ and EPQ models without derivatives. Wee et al. (2003) proposed an EOQ model with temporary sale price derived without using calculus. They used the standard method to complete the square to find the maximum point and maximum value for a quadratic function. We treat the same problem to avoid their lengthy computation and provide an efficient and succinct solution. Hence, the reader can absorb the knowledge of the inventory model clearer and easier.
ISSN:0972-0502
2169-012X
DOI:10.1080/09720502.2016.1188467