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Output Maximization of an Agency

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Author Info

  • Pahlaj Moolio
  • Jamal Nazrul Islam

    ()
    (Pannasastra University of Cambodia, Phnom Penh, Cambodia.)

  • Haradhan Kumar Mohajan

    (Premier University, Chittagong, Bangladesh)

Abstract

Considering Cobb-Douglas function in three variables as an explicit form of production function, in this paper an attempt has been made to maximize an output subject to a budget constraint, using Lagrange multipliers technique, as well as necessary and sufficient conditions for optimal value have been applied. We gave interpretation of Lagrange multiplier in this specific illustration, showing its positive value, and examined the behavior of the agency.

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File URL: http://indus.edu.pk/RePEc/iih/journl/4-OutputMaximizationofanAgency.pdf
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Bibliographic Info

Article provided by Department of Business Administration in its journal Indus Journal of Management & Social Science (IJMSS).

Volume (Year): 3 (2009)
Issue (Month): 1 (June)
Pages: 39-51

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Handle: RePEc:iih:journl:v:3:y:2009:i:1:p:39-51

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Related research

Keywords: Lagrange Multipliers; Economic Problems; Maximizing Output Function; Budget Constraints; Explicit Examples.;

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  1. Pahlaj Moolio & Jamal Nazrul Islam, 2008. "Cost Minimization of a Competitive Firm," Indus Journal of Management & Social Science (IJMSS), Department of Business Administration, vol. 2(2), pages 148-160, December.
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Cited by:
  1. Jamal Nazrul Islam & Haradhan Kumar Mohajan & Pahlaj Moolio, 2010. "Utility Maximization Subject to Multiple Constraints," Indus Journal of Management & Social Science (IJMSS), Department of Business Administration, vol. 4(1), pages 15-29, December.
  2. Jamal NazrulIslam & Haradhan Kumar Mohajan & Pahlaj Moolio, 2011. "Output Maximization Subject to a Nonlinear Constraint," KASBIT Journal of Management & Social Science, Khadim Ali Shah Bukhari Institute of Technology (KASBIT), vol. 4, pages 116-128, December.
  3. repec:ksb:journl:v:4:y:2011:i:1:p:116-128 is not listed on IDEAS

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