Various Problems Arise in Industrial Economics If Wage Rate Increases: A Study for Nonlinear Budget Constraint

Devajit Mohajan and Haradhan Mohajan
Authors registered in the RePEc Author Service: Dr Haradhan Kumar Mohajan ()

MPRA Paper from University Library of Munich, Germany

Abstract: This study tries to discuss the economic effects of various inputs if the wage rate of a firm is increased. Cobb-Douglas production function, 6×6 bordered Hessian matrix, and 6×6 Jacobian are used here during the mathematical calculations to investigate economic predictions. Adjustment of various inputs and outputs in future production are essential for the profit maximization. Therefore, appropriate decisions can make the firm stronger to face the various challenges of the twenty first century. In the study profit maximization is considered with subject to the nonlinear budget constraint.

Keywords: Profit maximization; nonlinear budget constraint; wage rate (search for similar items in EconPapers)
JEL-codes: C3 D2 D24 D31 D5 D57 I3 J3 J53 (search for similar items in EconPapers)
Date: 2023-04-02, Revised 2023-04-04
New Economics Papers: this item is included in nep-eff and nep-mfd
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Published in Law and Economy 2.6(2023): pp. 1-19

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