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Product Maximization Techniques of a Factory of Bangladesh: A Sustainable Procedure

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  • Mohajan, Haradhan

Abstract

Every factory wants to obtain a maximum production that provides a maximum profit, and also wants to go ahead with a sustainable way in the competitive global economy. To achieve a sustainable economic environment, the factory must run in ensuing scientific methods. This study has considered three inputs, such as capital, labor and other inputs for the sustainable production of the factory. In this article, the economic predictions are given by the comparative statics with detail mathematical analysis. Bangladesh is a developing country in the South Asia. It is densely populated country but short of skilled workforce. Agriculture is the principal sector of its economy. Only depending on agriculture sector a country cannot reach its economic peak. Recently, Bangladesh moves to industrialization. To increase national wealth and fortune, the country must produce high quality of products and needs to export surplus products in global markets. So, the production sector of the country has to increase production depending on the local and global demands. For a long-term sustainable production it must run the factories efficiently and future production techniques should be in scientific based. In this study an attempt has been taken to maximize products of a factory of Bangladesh subject to a budget constraint, using Lagrange multiplier technique, as well as, applying necessary and sufficient conditions to achieve optimal result.

Suggested Citation

  • Mohajan, Haradhan, 2021. "Product Maximization Techniques of a Factory of Bangladesh: A Sustainable Procedure," MPRA Paper 108094, University Library of Munich, Germany, revised 15 May 2021.
    • Handle: RePEc:pra:mprapa:108094
    as

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    References listed on IDEAS

    as
    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. ROY, Lia & MOLLA, Rashed & MOHAJAN, Haradhan Kumar, 2021. "Cost Minimization Is Essential For The Sustainable Development Of An Industry: A Mathematical Economic Model Approach," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 21(1), pages 37-71.
    3. MOHAJAN, Haradhan Kumar, 2021. "Estimation Of Cost Minimization Of Garments Sector By Cobb-Douglas Production Function: Bangladesh Perspective," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 21(2), pages 247-267.
    4. Haradhan Kumar MOHAJAN, 2018. "Qualitative research methodology in social sciences and related subjects," Journal of Economic Development, Environment and People, Alliance of Central-Eastern European Universities, vol. 7(1), pages 23-48, March.
    5. Fernandes, Ana M., 2008. "Firm Productivity in Bangladesh Manufacturing Industries," World Development, Elsevier, vol. 36(10), pages 1725-1744, October.
    6. Mohajan, Haradhan, 2017. "Optimization Models in Mathematical Economics," MPRA Paper 83185, University Library of Munich, Germany, revised 11 Apr 2017.
    7. MOHAJAN, Haradhan Kumar, 2017. "Two Criteria For Good Measurements In Research: Validity And Reliability," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 17(4), pages 59-82.
    8. Pahlaj Moolio & Jamal Nazrul Islam & Haradhan Kumar Mohajan, 2009. "Output Maximization of an Agency," Indus Journal of Management & Social Science (IJMSS), Department of Business Administration, vol. 3(1), pages 39-51, June.
    9. Jamal NazrulIslam & Haradhan Kumar Mohajan & Pahlaj Moolio, 2011. "Output Maximization Subject to a Nonlinear Constraint," KASBIT Business Journals (KBJ), Khadim Ali Shah Bukhari Institute of Technology (KASBIT), vol. 4, pages 116-128, December.
    10. Mohajan, Haradhan, 2013. "Economic Development of Bangladesh," MPRA Paper 50663, University Library of Munich, Germany, revised 23 Sep 2013.
    11. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
    12. Mohajan, Haradhan, 2020. "Quantitative Research: A Successful Investigation in Natural and Social Sciences," MPRA Paper 105149, University Library of Munich, Germany, revised 15 Nov 2020.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Bangladesh; Lagrange multiplier; product maximization; sustainability;
    All these keywords.

    JEL classification:

    • C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables
    • D6 - Microeconomics - - Welfare Economics
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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