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

Mohajan, Devajit and Mohajan, Haradhan (2023): Various Problems Arise in Industrial Economics If Wage Rate Increases: A Study for Nonlinear Budget Constraint. Published in: Law and Economy , Vol. 6, No. 2 (7 June 2023): pp. 1-19.

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.

• Item Type: MPRA Paper
• Language: English
• Keywords: Profit maximization, nonlinear budget constraint, wage rate
• Subjects: C - Mathematical and Quantitative Methods > C3 - Multiple or Simultaneous Equation Models ; Multiple Variables; D - Microeconomics > D2 - Production and Organizations; D - Microeconomics > D2 - Production and Organizations > D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity; D - Microeconomics > D3 - Distribution > D31 - Personal Income, Wealth, and Their Distributions; D - Microeconomics > D5 - General Equilibrium and Disequilibrium; D - Microeconomics > D5 - General Equilibrium and Disequilibrium > D57 - Input-Output Tables and Analysis; 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

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