Mathematical Model for Nonlinear Budget Constraint: Economic Activities on Increased Budget

Devajit Mohajan and Haradhan Kumar Mohajan
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Devajit Mohajan: Department of Civil Engineering, Chittagong University of Engineering & Technology, Chittagong, Bangladesh
Haradhan Kumar Mohajan: Department of Mathematics, Premier University, Chittagong, Bangladesh

Studies in Social Science & Humanities, 2023, vol. 2, issue 5, 20-40

Abstract: In this study economic predictions of the various inputs are analyzed when the budget of the organization increases. Method of Lagrange multiplier is applied here to work with nonlinear budget constraint for the achievement of the profit maximization atmosphere. In the study 6×6 bordered Hessian matrix and 6×6 Jacobian matrix are also operated for the prediction of economic analysis. In mathematical economics, efficient and wise decisions can provide profit maximization setting, which is essential for the sustainability of the industrial organizations.

Keywords: Lagrange multiplier; nonlinear budget constraint; increased budget (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bdz:ssosch:v:2:y:2023:i:5:p:20-40

DOI: 10.56397/SSSH.2023.05.03

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