Study of a Fuzzy Production Inventory Model with Deterioration Under Marxian Principle

Abstract

The basic concern of the Capitalistic approach of manufacturing industry is to minimize costs and to maximize profit. Through uncontrolled rate of exploitation, the manufacturer creates large quanta of social surplus. This ultimately results in the economic injustice and inequality among social economic classes. This current article makes an initiation to develop an economic production quantity model with deterioration under Marxian approach of socio-political economy. Here, two Marxian economic production quantity models are developed aiming at the minimization of exploitation rate and reduction of social surplus. The notion of marginal profit is considered here to reduce the social surplus (Net profit) incurred in the production plant itself. Fuzzy system has also been studied to get the variability of the exploitation in the model. Sensitivity analysis, graphical illustrations are made to validate the model.