Economic Aspects of Profit Maximization if Cost of Principal Raw Material Increases

Mohajan, Devajit and Mohajan, Haradhan (2023): Economic Aspects of Profit Maximization if Cost of Principal Raw Material Increases. Published in: Frontiers in Management Science , Vol. 3, No. 2 (26 May 2023): pp. 28-42.

Abstract

In this study sensitivity analysis of various inputs is discussed, when per unit cost of principal raw materials is increased. The organization has its main target of achieving maximum profit through the adjustment of various inputs and outputs in future production. In this study Cobb-Douglas production function is considered as a profit function to investigate sensitivity analysis during profit maximization procedures. In this article the method of Lagrange multiplier is applied to represent higher dimensional unconstrained problem from the lower dimensional constrained problem. Moreover, the determinant of the 6×6 bordered Hessian matrix and 6×6 Jacobian are applied for the augmentation of the sensitivity analysis efficiently.

• Item Type: MPRA Paper
• Language: English
• Keywords: Principal raw materials, Lagrange multiplier, profit maximization, sensitivity analysis
• 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 > 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; J - Labor and Demographic Economics > J3 - Wages, Compensation, and Labor Costs; J - Labor and Demographic Economics > J5 - Labor-Management Relations, Trade Unions, and Collective Bargaining > J53 - Labor-Management Relations ; Industrial Jurisprudence; L - Industrial Organization > L6 - Industry Studies: Manufacturing

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