Maximin or Minimax Principle
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) Russell's Paradox
Using Simplex method solve the problem:
Maximise z = 4x + 8y + 2k
Subject to:
Also, minimize the same for z
(a) Explain the theorem of second order optimum.
(b) Consider the following utility maximization problem, in which the utility function of the consumer is given by U(x,y)=x^0.7y^0.3. The consumer income is I=200 and p x=3 and py=2. Find the utility maximizing x and y when the budget constraint of the consumer may or may not bind. (Apply Kuhn-Tucker method)
Given the input matrix and the final demand vector:
A = [[0.10, 0.15, 0.12],
[0.20, 0, 0.30],
[0.25, 0.40, 0.20]]
d = [[100],
[200],
[300]]
a) Explain the economic meaning of the elements 0.30,0 and 200
b) Explain the economic meaning of (if any) of the third column sum
c) Explain the economic meaning of (if any) of the third row sum
d) Write out the specific input-output matrix equation for this model
e) Find the solution output levels of the three industries using Cramer's rule.
Chi square test of goodness of fit
xamine the following functions for maxima and minima:
a)
b)
Discuss the nature of the following time path:
b) Solve equation: for