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In this paper, we have developed an instantaneous replenishment policy for deteriorating items with price-dependent demand. The demand and deterioration rates are continuous and differentiable function of price and time respectively. A variable proportion of the items will deteriorate per time, where shortages are permissible and completely backordered. We have developed a policy with price-dependent demand under profit maximization. The net profit per unit time is a concave function. Further, it is illustrated with the help of a numerical example.

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