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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.
Suppose the demand curve for a consumer for coffee is: Q = 6 – 2P, where Q represents the number of cups per day and P is the price of coffee per cup. Question: Suppose the
what does production possibilty curve means?
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Impact of Economic Reforms on Labour: It would be of interest to study the industrial relations scenario in the pre-reform and post-reform period. Data provided in table 8.4 r
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As a consumer increases the consumption of any one commodity, marginal utility of the variable commodity must eventually decline."Illustrate the statement. Illustrate law of dem
what is the profit maximising quantity of L
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