``Lagrange Multipliers: Applications to Economics,'' by Christopher H . Nevison,UMAP 270. The Lagrange multipliers method is interpreted
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``Lagrange Multipliers: Applications to Economics,'' by Christopher H. Nevison,UMAP 270. The Lagrange multipliers method is interpreted and studied as the marginal rate of change of a utility function. Differential calculus through Lagrange multipliers is required.
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The concept of Lagrange multipliers is an imperative tool in a branch of economics known as optimization theory especially in the methods of constrain...View the full answer
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