“…Over the last four decades, an abundance of research on this topic has been undertaken and many interesting results have been reported in the literature, see, e.g., Aggarwal (1974), Clark (1972), Hadley and Whitin (1963), Nahmias (1982), Silver (1981), Tinarelli (1983), Veinott (1966), Wagner (1980), Whitin (1954), Taleizadeh et al, (2011) andHsu (2012). We know that four major assumptions in the classical EPQ model are that (i) demand is constant over time and known with certainty, (ii) no excess stock is carried, and no backorders and lost sales are allowed, (iii) the lead time is zero, and (iv) the unit production cost is independent of the production quantity.…”