N. Tungalag, M. Erdenebat, R. Enkhbat
Abstract
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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].
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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].
Key concepts: Economic order quantity, Simple (philosophy), Order (exchange), Mathematical economics, Mathematics, Inventory control, Mathematical optimization, Economics