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Pregled bibliografske jedinice broj: 975966

Solving Profit Maximization Problem in Case of the Cobb-Douglas Production Function via Weighted AG Inequality and Geometric Programming

Kojić, Vedran; Lukač, Zrinka
Solving Profit Maximization Problem in Case of the Cobb-Douglas Production Function via Weighted AG Inequality and Geometric Programming // Proceedings of the 2018 IEEE International Conference on Industrial Engineering and Engineering Management / LAOSIRIHONGTHONG, Tritos ; CHAI, Kah Hin ; XIE, Min ; JIAO, Roger (ur.).
Bangkok: Institute of Electrical and Electronics Engineers (IEEE), 2018. str. 1900-1903 doi:10.1109/IEEM.2018.8607446 (poster, međunarodna recenzija, cjeloviti rad (in extenso), znanstveni)

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Naslov
Solving Profit Maximization Problem in Case of the Cobb-Douglas Production Function via Weighted AG Inequality and Geometric Programming

Autori
Kojić, Vedran ; Lukač, Zrinka

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
Proceedings of the 2018 IEEE International Conference on Industrial Engineering and Engineering Management / LAOSIRIHONGTHONG, Tritos ; CHAI, Kah Hin ; XIE, Min ; JIAO, Roger - Bangkok : Institute of Electrical and Electronics Engineers (IEEE), 2018, 1900-1903

ISBN
978-1-5386-6785-9

Skup
2018 IEEE International Conference on Industrial Engineering and Engineering Management

Mjesto i datum
Bangkok, Tajland, 16.12.2018. - 19.12.2018

Vrsta sudjelovanja
Poster

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
Cobb-Douglas production function, geometric programming, profit maximization, signomial programming, weighted arithmetic-geometric inequality

Sažetak
The long-run profit maximization is a standard and important problem having significant implications on a firm’s competitiveness. The common approach is to consider the profit maximization problem for production function with two inputs and use calculus to solve it. However, checking the necessary and sufficient conditions in case of more than two inputs can be difficult. Geometric programming provides a way to solve that problem for any number of inputs without the use of derivatives. Hereby the results are obtained much faster and the solution procedure is more elegant then when using calculus. Liu used the technique of signomial geometric programming to solve the problem in case of the CobbDouglas production function with two inputs. However, he was unable to prove that the result obtained is indeed the global maximum. Therefore, in this paper we solve the problem in question by using the weighted arithmeticgeometric inequality (WAG) in case of one input and some transformations of geometric programming in case of two or more inputs and prove that the result obtained is indeed the global optimum.

Izvorni jezik
Engleski

Znanstvena područja
Matematika, Ekonomija



POVEZANOST RADA

Projekti:
IP-09-2014

Ustanove:
Ekonomski fakultet, Zagreb

Profili:

Avatar Url Zrinka Lukač (autor)

Avatar Url Vedran Kojić (autor)

Poveznice na cjeloviti tekst rada:

doi ieeexplore.ieee.org

Citiraj ovu publikaciju:

Kojić, Vedran; Lukač, Zrinka
Solving Profit Maximization Problem in Case of the Cobb-Douglas Production Function via Weighted AG Inequality and Geometric Programming // Proceedings of the 2018 IEEE International Conference on Industrial Engineering and Engineering Management / LAOSIRIHONGTHONG, Tritos ; CHAI, Kah Hin ; XIE, Min ; JIAO, Roger (ur.).
Bangkok: Institute of Electrical and Electronics Engineers (IEEE), 2018. str. 1900-1903 doi:10.1109/IEEM.2018.8607446 (poster, međunarodna recenzija, cjeloviti rad (in extenso), znanstveni)
Kojić, V. & Lukač, Z. (2018) Solving Profit Maximization Problem in Case of the Cobb-Douglas Production Function via Weighted AG Inequality and Geometric Programming. U: LAOSIRIHONGTHONG, T., CHAI, K., XIE, M. & JIAO, R. (ur.)Proceedings of the 2018 IEEE International Conference on Industrial Engineering and Engineering Management doi:10.1109/IEEM.2018.8607446.
@article{article, author = {Koji\'{c}, Vedran and Luka\v{c}, Zrinka}, year = {2018}, pages = {1900-1903}, DOI = {10.1109/IEEM.2018.8607446}, keywords = {Cobb-Douglas production function, geometric programming, profit maximization, signomial programming, weighted arithmetic-geometric inequality}, doi = {10.1109/IEEM.2018.8607446}, isbn = {978-1-5386-6785-9}, title = {Solving Profit Maximization Problem in Case of the Cobb-Douglas Production Function via Weighted AG Inequality and Geometric Programming}, keyword = {Cobb-Douglas production function, geometric programming, profit maximization, signomial programming, weighted arithmetic-geometric inequality}, publisher = {Institute of Electrical and Electronics Engineers (IEEE)}, publisherplace = {Bangkok, Tajland} }
@article{article, author = {Koji\'{c}, Vedran and Luka\v{c}, Zrinka}, year = {2018}, pages = {1900-1903}, DOI = {10.1109/IEEM.2018.8607446}, keywords = {Cobb-Douglas production function, geometric programming, profit maximization, signomial programming, weighted arithmetic-geometric inequality}, doi = {10.1109/IEEM.2018.8607446}, isbn = {978-1-5386-6785-9}, title = {Solving Profit Maximization Problem in Case of the Cobb-Douglas Production Function via Weighted AG Inequality and Geometric Programming}, keyword = {Cobb-Douglas production function, geometric programming, profit maximization, signomial programming, weighted arithmetic-geometric inequality}, publisher = {Institute of Electrical and Electronics Engineers (IEEE)}, publisherplace = {Bangkok, Tajland} }

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