A Note on Economic Order Quantity Model
Open Access
- 1 January 2017
- journal article
- research article
- Published by Scientific Research Publishing, Inc. in iBusiness
- Vol. 09 (04), 74-79
- https://doi.org/10.4236/ib.2017.94006
Abstract
Economic Order Quantity (EOQ) model has been extended. We formulate EOQ model as a calculus of variations. This new extended problem is a simple optimal control problem with an unknown initial state. By solving this problem we generalize EOQ formula [1].Keywords
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