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What is an optimization in the methods of mathematics of modern economics?
Optimization is a basic tool for the development of modern microeconomics analysis. Many of economic models are based onto the solution of optimization difficulties.
Results of such subsection are used through the text. The fundamental optimization problem is about maximizing or minimizing a function onto some set. The fundamental and central result is the existence theorem of Weierstrass.
cobb douglas production function?
a. Generally, there will be a difference between the CV and the EV. Why? b. The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it
There are different reasons for state trading. Important reasons are given below. (i) State may directly buy the goods required by the various government departments and agencie
Not sure how to graph & calculate a retail price of $30 & avg cost $20 assuming that the equation for demand is Q=10,000-9,000P, where P=retail price & Q=# sold per month.Then to s
Isoquants * Assumptions - Food producer has 2 inputs Labor (L) & Capital (K) * Observations: 1) For any level of K, output increases with L. 2) For any
define and explain the concept of social efficent production
alternative theories of trade
5 reasons of make in contruction a ppc
Consider the following insurance market. There are two states of the world, B and G, and two types of consumers, H and L, who have probabilities pH =0.5 and pL =0.25 (high and low
The prevention of major swings in economic activity can be handled most easily by the
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