On Some Mathematical Economic Models Solved by the Method of Lagrange Multipliers

Cătălin Ilie Mitran ()
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Cătălin Ilie Mitran: University of Petroşani, Romania

Annals of the University of Petrosani, Economics, 2016, vol. 16, issue 2, 45-52

Abstract: Many of the economic and technical problems can be mathematically modelled and the mathematical model leads to solving some nonlinear equations or finding of some extreme values. One of the most popular methods of solving is the so-called Lagrange’s multipliers method. This paper aims to present two economic models in which a minimum and a maximum requirement arise and which can be solved by the mentioned method.

Keywords: Lagrange’s multipliers method; static optimum model of the consumer (search for similar items in EconPapers)
JEL-codes: C61 (search for similar items in EconPapers)
Date: 2016
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