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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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    as
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    27. 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.
    28. Mohajan, Haradhan, 2017. "Optimization Models in Mathematical Economics," MPRA Paper 83185, University Library of Munich, Germany, revised 11 Apr 2017.
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    35. 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.
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    37. Mohajan, Haradhan, 2013. "Declining economy in Zambia and its impact in food security," MPRA Paper 50683, University Library of Munich, Germany, revised 19 Jun 2013.
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    39. Mohajan, Haradhan, 2021. "Germany is Ahead to Implement Sustainable Circular Economy," MPRA Paper 108566, University Library of Munich, Germany, revised 20 Jun 2021.
    40. Mohajan, Haradhan, 2013. "Friedmann, Robertson-Walker (FRW) Models in Cosmology," MPRA Paper 52402, University Library of Munich, Germany, revised 20 Dec 2013.
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    49. Mohajan, Haradhan, 2013. "Economic Development of Bangladesh," MPRA Paper 50663, University Library of Munich, Germany, revised 23 Sep 2013.
    50. Mohajan, Haradhan, 2014. "Improvement of Health Sector in Kenya," MPRA Paper 58420, University Library of Munich, Germany, revised 10 Aug 2014.
    51. Haradhan Kumar Mohajan, 2011. "Approval Voting: A Multi-outcome Election," KASBIT Business Journals (KBJ), Khadim Ali Shah Bukhari Institute of Technology (KASBIT), vol. 4, pages 77-88, December.
    52. Mohajan, Devajit & Mohajan, Haradhan, 2022. "Utility maximization analysis of an emerging firm: a bordered Hessian approach," MPRA Paper 115838, University Library of Munich, Germany, revised 25 Sep 2022.
    53. Mohajan, Haradhan, 2012. "Greenhouse Gas Emissions of the USA," MPRA Paper 50670, University Library of Munich, Germany, revised 21 Nov 2012.
    54. Sabuj, Das & Mohajan, Haradhan, 2014. "Development of Partition Functions of Ramanujan’s Works," MPRA Paper 83045, University Library of Munich, Germany, revised 15 Aug 2014.
    55. 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.
    56. 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.
    57. Mohajan, Haradhan, 2022. "Mathematical Analysis of SIR Model for COVID-19 Transmission," MPRA Paper 114390, University Library of Munich, Germany, revised 10 Jul 2022.
    58. 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.
    59. Mohajan, Haradhan, 2020. "Future of Rohingyas: Dignified Return to Myanmar or Restoring Their Rights or Both," MPRA Paper 108266, University Library of Munich, Germany, revised 06 Apr 2021.
    60. Mohajan, Haradhan, 2012. "Relation between lease finance and purchase," MPRA Paper 50681, University Library of Munich, Germany, revised 12 Feb 2012.
    61. Mohajan, Haradhan, 2013. "Ethiopia: A socio-economic study," MPRA Paper 52277, University Library of Munich, Germany, revised 10 Sep 2013.
    62. 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.
    63. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Sensitivity Analysis of Inputs of an Organization: A Profit Maximization Exploration," MPRA Paper 117121, University Library of Munich, Germany, revised 12 Mar 2023.
    64. 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.
    65. 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.
    66. 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.
    67. MOHAJAN, Haradhan Kumar, 2020. "Covid-19 – The Most Fatal Pandemic Outbreak: An Analysis Of Economic Consequences," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 20(2), pages 127-145.
    68. Mohajan, Haradhan, 2015. "Sustainable Development Policy of Global Economy," MPRA Paper 82815, University Library of Munich, Germany, revised 30 Mar 2015.
    69. Mohajan, Haradhan, 2017. "Research Methodology," MPRA Paper 83457, University Library of Munich, Germany, revised 15 Dec 2017.
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    71. 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.
    72. 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.
    73. Mohajan, Haradhan, 2014. "Child Rights in Bangladesh," MPRA Paper 58424, University Library of Munich, Germany, revised 20 Jan 2014.
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    75. Michael Carter, 2001. "Foundations of Mathematical Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262032899, April.
    76. 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.
    77. 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.
    78. Mohajan, Devajit & Mohajan, Haradhan, 2023. "A Study on Nonlinear Budget Constraint of a Local Industrial Firm of Bangladesh: A Profit Maximization Investigation," MPRA Paper 117324, University Library of Munich, Germany, revised 27 Mar 2023.
    79. 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.
    80. 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.
    81. Mohajan, Haradhan, 2021. "Global COVID-19 Pandemic: Prevention and Protection Techniques," MPRA Paper 106923, University Library of Munich, Germany, revised 19 Jan 2021.
    82. 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.
    83. Mohajan, Haradhan, 2022. "Maximum profit ensured for industry sustainability," MPRA Paper 114801, University Library of Munich, Germany, revised 15 May 2022.
    84. 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.
    85. Islam, Jamal & Mohajan, Haradhan & Datta, Rajib, 2012. "Stress management policy analysis: a preventative approach," MPRA Paper 50698, University Library of Munich, Germany, revised 02 Mar 2012.
    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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