Maximum profit ensured for industry sustainability

Dr Haradhan Mohajan ()

MPRA Paper from University Library of Munich, Germany

Abstract: This article tries to calculate a maximum profit from sale items of an industry. This study has considered three inputs, such as capital, labor, and raw materials and other inputs for the mathematical analysis of the production procedures of the industry. In the present competitive global economy policy, to survive strongly, there is no alternate of sustainable economy. For the survival of an industry, profit maximization policy is vital. To acquire maximum profit, the production unit of the industry must be run in an efficient way. In this study an attempt has been taken to maximize the profit of an industry using Lagrange multiplier technique by applying necessary and sufficient conditions.

Keywords: Lagrange multiplier; profit maximization; Hesian matrix (search for similar items in EconPapers)
JEL-codes: C3 C51 C61 C67 (search for similar items in EconPapers)
Date: 2022-05-10, Revised 2022-05-15
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (27)

Published in Annals of Spiru Haret University. Economic Series 3.22(2022): pp. 271-281

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:114801

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