The Responses of an Organization for the Increase in Wage Rates: Profit Maximization Cases

Every organization expects to achieve maximum profit for its survival economic environment. To develop profit maximization strategy an organization must be sincere in economic sensitivity analysis. In this study sensitivity analysis is inspected to predict about the economic situation for the efficient production of the organization. Here scientific based production policy is indicated subject to a budget constraint, using Lagrange multiplier technique.

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Year of publication:	2023-06-09
Authors:	Mohajan, Devajit ; Mohajan, Haradhan

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Type of publication:	Book / Working Paper
Language:	English
Notes:	Mohajan, Devajit and Mohajan, Haradhan (2023): The Responses of an Organization for the Increase in Wage Rates: Profit Maximization Cases. Published in: Law and Economy , Vol. 2, No. 8 (3 August 2023): pp. 14-29.
Classification:	C3 - Econometric Methods: Multiple/Simultaneous Equation Models ; c54 ; C61 - Optimization Techniques; Programming Models; Dynamic Analysis ; C65 - Miscellaneous Mathematical Tools ; C67 - Input-Output Models ; C81 - Methodology for Collecting, Estimating, and Organizing Microeconomic Data ; D6 - Welfare Economics ; I3 - Welfare and Poverty ; J3 - Wages, Compensation, and Labor Costs ; J31 - Wage Level and Structure; Wage Differentials by Skill, Training, Occupation, etc
Source:	BASE

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