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Various Problems Arise in Industrial Economics If Wage Rate Increases: A Study for Nonlinear Budget Constraint

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  • Mohajan, Devajit
  • Mohajan, Haradhan

Abstract

This study tries to discuss the economic effects of various inputs if the wage rate of a firm is increased. Cobb-Douglas production function, 6×6 bordered Hessian matrix, and 6×6 Jacobian are used here during the mathematical calculations to investigate economic predictions. Adjustment of various inputs and outputs in future production are essential for the profit maximization. Therefore, appropriate decisions can make the firm stronger to face the various challenges of the twenty first century. In the study profit maximization is considered with subject to the nonlinear budget constraint.

Suggested Citation

  • Mohajan, Devajit & Mohajan, Haradhan, 2023. "Various Problems Arise in Industrial Economics If Wage Rate Increases: A Study for Nonlinear Budget Constraint," MPRA Paper 117553, University Library of Munich, Germany, revised 04 Apr 2023.
    • Handle: RePEc:pra:mprapa:117553
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    References listed on IDEAS

    as
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    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.
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    11. Mohajan, Haradhan, 2021. "Third Industrial Revolution Brings Global Development," MPRA Paper 110972, University Library of Munich, Germany, revised 28 Sep 2021.
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    33. Haradhan Kumar Mohajan, 2013. "Greenhouse Gas Emissions from Small Industries and its Impact on Global Warming," KASBIT Business Journals (KBJ), Khadim Ali Shah Bukhari Institute of Technology (KASBIT), vol. 6, pages 1-13, December.
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    35. Mohajan, Haradhan, 2011. "Green marketing is a sustainable marketing system in the twenty first century," MPRA Paper 50857, University Library of Munich, Germany, revised 16 Feb 2012.
    36. Islam, Jamal & Mohajan, Haradhan & Moolio, Pahlaj, 2010. "Median voter model cannot solve all the problems of voting system," MPRA Paper 50696, University Library of Munich, Germany, revised 22 Feb 2011.
    37. Mahbubur RAHMAN & Haradhan Kumar MOHAJAN, 2019. "Rohingya-The Stateless Community Becoming the Lost Generation," Journal of Economic Development, Environment and People, Alliance of Central-Eastern European Universities, vol. 8(2), pages 24-36, June.
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    39. 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.
    40. Mohajan, Devajit & Mohajan, Haradhan, 2022. "Feminism and feminist grounded theory: a comprehensive research analysis," MPRA Paper 114914, University Library of Munich, Germany, revised 15 Jul 2022.
    41. Mohajan, Haradhan, 2018. "Medical Errors Must be Reduced for the Welfare of the Global Health Sector," MPRA Paper 89644, University Library of Munich, Germany, revised 03 Sep 2018.
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    46. Mohajan, Haradhan, 2018. "The Rohingya Muslims in Myanmar are Victim of Genocide!," MPRA Paper 89846, University Library of Munich, Germany, revised 15 Sep 2018.
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    50. Mohajan, Devajit & Mohajan, Haradhan, 2023. "A Study on Body Fat Percentage for Physical Fitness and Prevention of Obesity: A Two Compartment Model," MPRA Paper 117158, University Library of Munich, Germany, revised Feb 2023.
    51. Haradhan Kumar Mohajan, 2017. "Analysis of Reciprocity and Substitution Theorems, and Slutsky Equation," Noble International Journal of Economics and Financial Research, Noble Academic Publsiher, vol. 2(3), pages 54-75, March.
    52. Mohajan, Haradhan, 2014. "The Most Fatal 2014 Outbreak of Ebolavirus Disease in Western Africa," MPRA Paper 58948, University Library of Munich, Germany, revised 25 Sep 2014.
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    54. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Sensitivity Analysis for Profit Maximization with Respect to Per Unit Cost of Subsidiary Raw Materials," MPRA Paper 116538, University Library of Munich, Germany, revised 10 Jan 2023.
    55. Mohajan, Haradhan, 2020. "Most Fatal Pandemic COVID-19 Outbreak: An Analysis of Economic Consequences," MPRA Paper 101623, University Library of Munich, Germany, revised 03 Apr 2020.
    56. Mohajan, Haradhan, 2017. "Optimization Models in Mathematical Economics," MPRA Paper 83185, University Library of Munich, Germany, revised 11 Apr 2017.
    57. Mohajan, Haradhan, 2014. "Chinese Sulphur Dioxide Emissions and Local Environment Pollution," MPRA Paper 55953, University Library of Munich, Germany, revised 06 Apr 2014.
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    60. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Bulimia Nervosa: A Psychiatric Problem of Disorder," MPRA Paper 117258, University Library of Munich, Germany, revised 17 Mar 2023.
    61. 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.
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    63. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Sensitivity Analysis for Utility Maximization: A Study on Lagrange Multipliers and Commodity Coupons," MPRA Paper 117077, University Library of Munich, Germany, revised 06 Jan 2023.
    64. Mohajan, Devajit & Mohajan, Haradhan, 2022. "Sensitivity Analysis among Commodities and Prices: A Utility Maximization Perception," MPRA Paper 116232, University Library of Munich, Germany, revised 15 Dec 2022.
    65. Mohajan, Haradhan, 2015. "Basic Concepts of Differential Geometry and Fibre Bundles," MPRA Paper 83002, University Library of Munich, Germany, revised 18 Feb 2015.
    66. Harald Wiese, 2021. "Cost minimization and profit maximization," Springer Books, in: Advanced Microeconomics, chapter 0, pages 231-260, Springer.
    67. Mohajan, Haradhan, 2012. "Greenhouse Gas Emissions of the USA," MPRA Paper 50670, University Library of Munich, Germany, revised 21 Nov 2012.
    68. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Sensitivity Analysis between Lagrange Multipliers and Consumer Budget: Utility Maximization Case," MPRA Paper 116907, University Library of Munich, Germany, revised 19 Feb 2023.
    69. Mohajan, Haradhan, 2016. "An Analysis of Knowledge Management for the Development of Global Health," MPRA Paper 82959, University Library of Munich, Germany, revised 16 Aug 2016.
    70. Mohajan, Haradhan, 2022. "Mathematical Analysis of SIR Model for COVID-19 Transmission," MPRA Paper 114390, University Library of Munich, Germany, revised 10 Jul 2022.
    71. 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.
    72. Mohajan, Haradhan, 2012. "Relation between lease finance and purchase," MPRA Paper 50681, University Library of Munich, Germany, revised 12 Feb 2012.
    73. Mohajan, Haradhan, 2017. "A Brief Analysis of de Sitter Universe in Relativistic Cosmology," MPRA Paper 83187, University Library of Munich, Germany, revised 10 Jul 2017.
    74. Mohajan, Devajit & Mohajan, Haradhan, 2022. "Sensitivity Analysis among Commodities and Coupons during Utility Maximization," MPRA Paper 115554, University Library of Munich, Germany, revised 04 Oct 2022.
    75. Mohajan, Haradhan, 2022. "Cost minimization analysis of a running firm with economic policy," MPRA Paper 114951, University Library of Munich, Germany, revised 04 May 2022.
    76. MOHAJAN, Haradhan Kumar, 2018. "Analysis Of Food Production And Poverty Reduction Of Bangladesh," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 9(1), pages 191-205.
    77. Mohajan, Haradhan, 2015. "Sustainable Development Policy of Global Economy," MPRA Paper 82815, University Library of Munich, Germany, revised 30 Mar 2015.
    78. Mohajan, Haradhan, 2017. "Research Methodology," MPRA Paper 83457, University Library of Munich, Germany, revised 15 Dec 2017.
    79. repec:ksb:journl:v:2:y:2009:i:1:p:42-66 is not listed on IDEAS
    80. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Obesity and Its Related Diseases: A New Escalating Alarming in Global Health," MPRA Paper 116797, University Library of Munich, Germany, revised 05 Feb 2023.
    81. repec:ksb:journl:v:4:y:2011:i:1:p:32-47 is not listed on IDEAS
    82. Michael Carter, 2001. "Foundations of Mathematical Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262032899, April.
    83. Mohajan, Haradhan, 2021. "Global COVID-19 Pandemic: Prevention and Protection Techniques," MPRA Paper 106923, University Library of Munich, Germany, revised 19 Jan 2021.
    84. Mohajan, Haradhan, 2022. "Maximum profit ensured for industry sustainability," MPRA Paper 114801, University Library of Munich, Germany, revised 15 May 2022.
    85. Mohajan, Haradhan, 2019. "The First Industrial Revolution: Creation of a New Global Human Era," MPRA Paper 96644, University Library of Munich, Germany, revised 17 Jul 2019.
    86. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Glaserian Grounded Theory and Straussian Grounded Theory: Two Standard Qualitative Research Approaches in Social Science," MPRA Paper 117017, University Library of Munich, Germany, revised 20 Feb 2023.
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    More about this item

    Keywords

    Profit maximization; nonlinear budget constraint; wage rate;
    All these keywords.

    JEL classification:

    • C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables
    • D2 - Microeconomics - - Production and Organizations
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
    • J53 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Labor-Management Relations; Industrial Jurisprudence

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