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On Some Mathematical Economic Models Solved by the Method of Lagrange Multipliers

Author

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  • Cătălin Ilie Mitran

    (University of Petroşani, Romania)

Abstract

Many of the economic and technical problems can be mathematically modelled and the mathematical model leads to solving some nonlinear equations or finding of some extreme values. One of the most popular methods of solving is the so-called Lagrange’s multipliers method. This paper aims to present two economic models in which a minimum and a maximum requirement arise and which can be solved by the mentioned method.

Suggested Citation

  • Cătălin Ilie Mitran, 2016. "On Some Mathematical Economic Models Solved by the Method of Lagrange Multipliers," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 16(2), pages 45-52.
    • Handle: RePEc:pet:annals:v:16:y:2016:i:2:p:45-52
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    More about this item

    Keywords

    Lagrange’s multipliers method; static optimum model of the consumer;

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis

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