On the Gradient-Hamiltonian Systems to the Derivation of Economic Multivariate Total Functions
Journal Title: Asian Journal of Economics, Business and Accounting - Year 2017, Vol 2, Issue 2
Abstract
This paper highlights an application of Gradient or Hamiltonian (Grad-Ham) Systems in deriving multivariate total functions. The objective is to establish a relationship between Gradient or Hamiltonian systems and economic-oriented multivariate marginal functions, and demonstrate how they can significantly be applied to the derivation of economic multivariate total functions. The multivariate marginal functions are represented by the Grad-Ham systems of differential equations whose analytical solutions are based on the partial antiderivative technique. The paper establishes that all economic multivariate marginal functions can respectively be expressed as exact differential equations. It also uncovered that functions that can be optimized are conservative along their optimal paths and that these functions become the first integrals of their respective marginal systems. Finally, it introduces two model examples- one hypothetical and the other based on the Cobb-Douglas Production function- and presents their derivations thereof.
Authors and Affiliations
John Awuah Addor, Kwadwo Ankomah, Emmanuel Benson
Keywords
Related Articles
- EP ID EP338546
- DOI 10.9734/AJEBA/2017/31999
- Views 60
- Downloads 0
Effect of Working Capital Management Practices on the Performance of Small and Medium Enterprises in Oyo State, Nigeria
This study examined the effect of Working Capital Management (WCM) practices on the performance of Small and Medium Scale Enterprises (SMEs) in Oyo State, Nigeria. The relationship between cash management practices and t...
Temporal Dimension & Risk Dynamics of the Seasoned Equity Offerings
Trading is a complicated temporal system with many time-related procedures and functionalities, like SEOs (NYSE companies), price action breakouts (technical analysis), etc. These temporal features could lead to profitab...
The Relationship between Customer Satisfaction and Corporate Reputation and Credibility
Service industries, such as banking and finance retailing, are different in many ways to industries that deal with a tangible product. Therefore, service-marketing gurus emphasize process, people, and physical elements t...
Good Governance of Sustainable Tourism in Nature Park – Carita Beach
Aims/Objective: This study aims to review whether the performance of the tourism activities management in Nature Park – Carita Beach has already contributed to the increase of domestic economic growth, and natural conser...
Strategy Implementation and Its Effect on Superior Performance and Competitive Advantage of Smes in Kogi State, Nigeria
This study focused on strategy implementation and its effect on superior performance and competitive advantage of SMEs in Kogi State. Based on the nature of the study, survey research method was used. The study focused o...