The economics ordering policy of deteriorating items under permissible delay in payments and allowable shortage is presented in this paper. The items have a varying rate of deterioration and shortages of the items are completely backordered. In this study, the property of the convexity of the total variable cost function of the inventory model is also discussed. In addition, a numerical example demonstrates the model's effectiveness.
Tamsui Oxford journal of mathematical sciences 14, pp.39-54