Output Maximization of an Agency
AbstractConsidering 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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Bibliographic InfoArticle provided by Department of Business Administration in its journal Indus Journal of Management & Social Science (IJMSS).
Volume (Year): 3 (2009)
Issue (Month): 1 (June)
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Lagrange Multipliers; Economic Problems; Maximizing Output Function; Budget Constraints; Explicit Examples.;
Other versions of this item:
- C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- I38 - Health, Education, and Welfare - - Welfare and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
- L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
- L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
- M11 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - Production Management
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Islam, Jamal & Mohajan, Haradhan & Moolio, Pahlaj, 2011.
"Output Maximization Subject to a Nonlinear Constraint,"
50676, University Library of Munich, Germany, revised 08 Nov 2011.
- 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.
- repec:ksb:journl:v:4:y:2011:i:1:p:116-128 is not listed on IDEAS
- 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.
- Islam, Jamal & Mohajan, Haradhan & Moolio, Pahlaj, 2010. "Utility Maximization Subject to Multiple Constraints," MPRA Paper 50667, University Library of Munich, Germany, revised 09 Apr 2010.
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