A non-calculus approach to solving the utility maximization problem using the Cobb-Douglas and CES utility function
This paper proposes a new original non-calculus method to solving the utility maximization problem using the Cobb-Douglas and the CES utility functions, and incorporating the weighted arithmetic-geometric-mean inequality (weighted AM-GM inequality) and Jensen’s inequality. Instead of using calculus,...
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| Format: | Article |
| Language: | English |
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Croatian Operational Research Society
2015-03-01
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| Series: | Croatian Operational Research Review |
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| Online Access: | http://hrcak.srce.hr/index.php?show=clanak&id_clanak_jezik=204329 |