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 91
- Downloads 0
Impact of Interest Rate on Portfolio Management in Nigeria
This study carried out an investigation on the impact of interest rate on portfolio management in Nigeria. Specifically the study analyzed the impact of interest rate on both long term and short term portfolio investment...
Money Demand and Supply under Market Disequilibrium: Evidence from Nigeria
This paper argues that for economies that have structural rigidities and irregularities, the received knowledge of equilibrium in the demand and supply of money should be interrogated. The paper proposes a third variable...
Effect of Capital Formation on Economic Growth in Nigeria
This study examined the effect of capital formation on economic growth in Nigeria. The specific objectives of the study are to: (i) determine if capital formation has any significant impact on economic growth in Nigeria....
Tourists Perceived Festival Attraction, Service Quality, Perceived Value and Loyalty-Case Study Penghu Ocean Firework Festival in Taiwan
The purpose of this study is to understand the relationships between attraction, quality of service, perceived value and loyalty. In this study, a total of 456 effective questionnaires were collected by convenience sampl...
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...