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Application Center
Applications
Constrained Optimization
Constrained Optimization
Author
:
marcus .
0
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We start by noting that our general budget constrain is given by: Iota = P[K]*K + P[L]*L where K is is the quantity of capital, L is the quantity of labor, P[K] is the price of capital and P[L] is the price of labor. The above equation says that income I must be equal to the sum of capital and labor expenditures.
Application Details
Publish Date
:
October 27, 2008
Created In
:
Maple 12
Language
:
English
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Tags
optimization
optimization
economics
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