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- Title
DECISION MAKINGS IN DISCOUNT PRICING POLICY FOR IMPERFECT PRODUCTION SYSTEM.
- Authors
KHEDLEKAR, Uttam Kumar; TIWARI, Ram Kumar
- Abstract
In this paper, we discussed the effects of discount price on demand and profit in a diminishing market. A production plan has been suggested for an imperfect production system. Here, demand is considered to be price sensitive and negative power function of the selling price. This problem is solved by optimization, using the Hessian matrix of order three. The main objective is to find the optimal expected average profit, optimal selling price, discount rate, backorder level, and lot-size. The recommendations are provided to offer a price discount for limited sale season on different occasions. A numerical example is presented to validate the model and is graphically illustrated accordingly.
- Subjects
PRICING; DISCOUNT prices; DECISION making; HESSIAN matrices; TIME-based pricing; EPINEPHRINE autoinjectors
- Publication
Yugoslav Journal of Operations Research, 2019, Vol 29, Issue 2, p273
- ISSN
0354-0243
- Publication type
Article
- DOI
10.2298/yjor180607029k