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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.
How to solve general equilibrium in pure exchange economy with 2 consumer and 3 commodities
A farmer produces maize according to the following production function Q m = AK 1/3 L 2/3 Where Q m is output of maize, A = land, K = capital and L = labour Given that
IN THE LABORATORY OXYGEN IS PRODUCED BY HEATING POTASSIUM CHLORATE ACCORDING TO THE EQUATION 2KCLO3-2KCL+3O2. WHEN 298g OF KCLO3 IS HEATED IT GAVE 181.2g OF OXYGEN. GIVEN THAT 32g
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Labour Extraction: Most employees under capitalism are paid according to time they spend at work. Though employers then face a challenge to extract genuine labour effort from their
Question (a) Describe clearly the three concepts of elasticity of demand. Use appropriate examples and diagrams to support your answer. (b) Consider you have been appointed
Difficulties in Measuring Cost 1) Output data may represent an aggregate of different type of products. 2) Cost data may not include opportunity cost. 3) Allocating c
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