In this paper, we have solved a general inventory model with simultaneous price and production decisions. Both linear and non-linear (strictly convex) production cost cases are treated. Upper and lower bounds are imposed on state as well as control variables. The problem is solved by using the...

We consider a production-inventory planning problem with time-varying demands, convex production costs and a warehouse capacity constraint. It is solved by use of the Lagrangian form of the maximum principle. The possible existence of strong decision and forecast horizons is demonstrated. When...

Management science applications frequently involve problems of controlling continuous time dynamic systems, that is, systems which evolve over time. Optimal control theory, a relatively new branch of mathematics, determines the optimal way to control such a dynamic system. The purpose of this...