A Price-Dependent Demand Model in the Single Period Inventory System with Price Adjustment

Pseudocode 1

Pseudocode for obtaining the best revised price within the interval (𝑎,𝑏).

Function 𝑝(𝑎,𝑏)

 𝜀←⟨⟩  ⊳ Initialize 𝜀; where 𝜀 is the length of each step at each iteration

 Δ←⟨⟩  ⊳ Initialize Δ;Δ>2𝜀 where Δ is the calculation accuracy

 𝑝₁=𝑎

 𝑝₂=𝑏

 repeat

      𝑝=(𝑝₁+𝑝₂)/2

      if  𝜇_NPV(𝑝)>𝜇_NPV(𝑝+𝜀)   then

          𝑝₂=𝑝

      else

          𝑝₁=𝑝

      End if

 until  𝑝₂−𝑝₁<Δ    ⊳ Check finishing criterion

 return  𝑝

End Function