In economic applications, we have to make the assumption that relations between the
variables vary with time. One of the possible ways of incorporating the process dynamics …

Inventory represents an essential part of current assets, which are typically characterized by
their transience. This paper aims to outline a numerical solution of the inventory balance …

Models in microeconomics are usually created in order to achieve corporate goals such as
boosting the performance, efficiency, or to secure a company's survival in the time of crisis …

The purpose of this paper is to present an inventory balance model including an order-up-to
replenishment policy with partial backlogging. Pictured in the model is a situation, where …

Economy can be considered a large, open system which is influenced by fluctuations, both
internal and external. Based on non-linear dynamics theory, the dynamic models of a …

The traditional descriptions of economic models use ordinary differential equations (ODE),
but when admitting the argument delay in a given model it is necessary to realize description …

The purpose of the paper is to present a model allowing the retailer to determine the optimal
price of three kinds of items in a situation where the supplier provides the retailer with an …