Mohajan, Devajit and Mohajan, Haradhan
(2022):
*Utility Maximization Analysis of an Organization: A Mathematical Economic Procedure.*
Published in: Law and Economy
, Vol. 3, No. 1
(26 December 2022): pp. 1-15.

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## Abstract

In the society utility is the vital concept, especially in mathematical economics. It is considered as the tendency of an object or action that increases or decreases overall happiness. In social sciences, the property of a commodity that enables to satisfy human wants is called utility. This paper has tried to operate utility maximization policy of an organization by considering two constraints: budget constraint and coupon constraint. To develop the maximization policy of utility function, the techniques of multivariate calculus are used. In this study four commodity variables are used to operate the mathematical analysis efficiently. In this article Lagrange multiplier technique is applied to achieve optimal result throughout the study.

Item Type: | MPRA Paper |
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Original Title: | Utility Maximization Analysis of an Organization: A Mathematical Economic Procedure |

English Title: | Utility Maximization Analysis of an Organization: A Mathematical Economic Procedure |

Language: | English |

Keywords: | Commodities, Lagrange multipliers, utility maximization, budget and coupon constraints |

Subjects: | C - Mathematical and Quantitative Methods > C3 - Multiple or Simultaneous Equation Models ; Multiple Variables C - Mathematical and Quantitative Methods > C5 - Econometric Modeling > C51 - Model Construction and Estimation C - Mathematical and Quantitative Methods > C5 - Econometric Modeling > C52 - Model Evaluation, Validation, and Selection C - Mathematical and Quantitative Methods > C5 - Econometric Modeling > C53 - Forecasting and Prediction Methods ; Simulation Methods C - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis C - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C67 - Input-Output Models I - Health, Education, and Welfare > I3 - Welfare, Well-Being, and Poverty > I31 - General Welfare, Well-Being O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development |

Item ID: | 115791 |

Depositing User: | Haradhan Kumar Mohajan |

Date Deposited: | 27 Dec 2022 08:25 |

Last Modified: | 27 Dec 2022 08:25 |

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URI: | https://mpra.ub.uni-muenchen.de/id/eprint/115791 |