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A Study on Nonlinear Budget Constraint of a Local Industrial Firm of Bangladesh: A Profit Maximization Investigation

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  • Mohajan, Devajit
  • Mohajan, Haradhan

Abstract

Every local or global firm expects to achieve maximum profit for its survival in sustainable economic environment. This article considers that a local industrial firm of Bangladesh has achieved maximum profit during its total operation. So that this study directly tries to calculate maximum profit and also Lagrange multiplier for profit maximization investigation by the consideration of nonlinear budget constraint. In this study Cobb-Douglas production function is considered as profit function to operate mathematical procedures. Method of Lagrange multiplier is also applied here to obtain accurate results.

Suggested Citation

  • Mohajan, Devajit & Mohajan, Haradhan, 2023. "A Study on Nonlinear Budget Constraint of a Local Industrial Firm of Bangladesh: A Profit Maximization Investigation," MPRA Paper 117324, University Library of Munich, Germany, revised 27 Mar 2023.
    • Handle: RePEc:pra:mprapa:117324
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    References listed on IDEAS

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    34. Pahlaj Moolio & Jamal Nazrul Islam & Haradhan Kumar Mohajan, 2009. "Output Maximization of an Agency," Indus Journal of Management & Social Science (IJMSS), Department of Business Administration, vol. 3(1), pages 39-51, June.
    35. Mohajan, Haradhan, 2021. "Third Industrial Revolution Brings Global Development," MPRA Paper 110972, University Library of Munich, Germany, revised 28 Sep 2021.
    36. Haradhan Kumar Mohajan, 2011. "Optimal Environmental Taxes Due to Health Effect," KASBIT Business Journals (KBJ), Khadim Ali Shah Bukhari Institute of Technology (KASBIT), vol. 4, pages 1-19, December.
    37. Mohajan, Haradhan, 2013. "Friedmann, Robertson-Walker (FRW) Models in Cosmology," MPRA Paper 52402, University Library of Munich, Germany, revised 20 Dec 2013.
    38. Jamal NazrulIslam & Haradhan Kumar Mohajan & Pahlaj Moolio, 2011. "Output Maximization Subject to a Nonlinear Constraint," KASBIT Business Journals (KBJ), Khadim Ali Shah Bukhari Institute of Technology (KASBIT), vol. 4, pages 116-128, December.
    39. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Sensitivity Analysis for Utility Maximization: A Study on Lagrange Multipliers and Commodity Coupons," MPRA Paper 117077, University Library of Munich, Germany, revised 06 Jan 2023.
    40. Mohajan, Haradhan, 2015. "Basic Concepts of Differential Geometry and Fibre Bundles," MPRA Paper 83002, University Library of Munich, Germany, revised 18 Feb 2015.
    41. Jamal Nazrul Islam & Haradhan Kumar Mohajan & Pahlaj Moolio & Raymond Peter, 2010. "A Study on Global Human-Immunodeficiency Virus and its Effect in Bangladesh," KASBIT Business Journals (KBJ), Khadim Ali Shah Bukhari Institute of Technology (KASBIT), vol. 3, pages 64-87, December.
    42. Mohajan, Haradhan, 2013. "Poverty and economic development of Kenya," MPRA Paper 51072, University Library of Munich, Germany, revised 06 Jul 2013.
    43. Mohajan, Haradhan, 2015. "Generalization of Euler and Ramanujan’s Partition Function," MPRA Paper 83049, University Library of Munich, Germany, revised 06 Nov 2015.
    44. Mohajan, Haradhan, 2013. "Scope of Raychaudhuri equation in cosmological gravitational focusing and space-time singularities," MPRA Paper 52544, University Library of Munich, Germany, revised 10 Dec 2013.
    45. Mohajan, Haradhan, 2013. "Global food price hike is a burden to the poor," MPRA Paper 51822, University Library of Munich, Germany, revised 05 Nov 2013.
    46. Mohajan, Haradhan, 2013. "Economic Development of Bangladesh," MPRA Paper 50663, University Library of Munich, Germany, revised 23 Sep 2013.
    47. Mohajan, Haradhan, 2014. "Improvement of Health Sector in Kenya," MPRA Paper 58420, University Library of Munich, Germany, revised 10 Aug 2014.
    48. Mohajan, Haradhan, 2012. "Greenhouse Gas Emissions of the USA," MPRA Paper 50670, University Library of Munich, Germany, revised 21 Nov 2012.
    49. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Sensitivity Analysis between Lagrange Multipliers and Consumer Budget: Utility Maximization Case," MPRA Paper 116907, University Library of Munich, Germany, revised 19 Feb 2023.
    50. Mohajan, Haradhan, 2016. "An Analysis of Knowledge Management for the Development of Global Health," MPRA Paper 82959, University Library of Munich, Germany, revised 16 Aug 2016.
    51. Mohajan, Haradhan, 2022. "Mathematical Analysis of SIR Model for COVID-19 Transmission," MPRA Paper 114390, University Library of Munich, Germany, revised 10 Jul 2022.
    52. Chowdhury, Tasnim & Datta, Rajib & Mohajan, Haradhan, 2013. "Green finance is essential for economic development and sustainability," MPRA Paper 51169, University Library of Munich, Germany, revised 09 Jun 2013.
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    54. Mohajan, Haradhan, 2020. "Quantitative Research: A Successful Investigation in Natural and Social Sciences," MPRA Paper 105149, University Library of Munich, Germany, revised 15 Nov 2020.
    55. Mohajan, Haradhan, 2012. "Certainty and Uncertainty in Cap and Trade System or in Carbon Tax for Green Accounting to Decrease Greenhouse gas Emissions," MPRA Paper 50669, University Library of Munich, Germany, revised 20 Dec 2012.
    56. Mohajan, Haradhan, 2012. "Relation between lease finance and purchase," MPRA Paper 50681, University Library of Munich, Germany, revised 12 Feb 2012.
    57. Mohajan, Haradhan, 2013. "Ethiopia: A socio-economic study," MPRA Paper 52277, University Library of Munich, Germany, revised 10 Sep 2013.
    58. Mohajan, Haradhan, 2017. "A Brief Analysis of de Sitter Universe in Relativistic Cosmology," MPRA Paper 83187, University Library of Munich, Germany, revised 10 Jul 2017.
    59. Mohajan, Devajit & Mohajan, Haradhan, 2022. "Sensitivity Analysis among Commodities and Coupons during Utility Maximization," MPRA Paper 115554, University Library of Munich, Germany, revised 04 Oct 2022.
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    62. MOHAJAN, Haradhan Kumar, 2020. "Covid-19 – The Most Fatal Pandemic Outbreak: An Analysis Of Economic Consequences," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 20(2), pages 127-145.
    63. Mohajan, Haradhan, 2015. "Sustainable Development Policy of Global Economy," MPRA Paper 82815, University Library of Munich, Germany, revised 30 Mar 2015.
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    66. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Obesity and Its Related Diseases: A New Escalating Alarming in Global Health," MPRA Paper 116797, University Library of Munich, Germany, revised 05 Feb 2023.
    67. Mahbubur RAHMAN & Haradhan Kumar MOHAJAN, 2019. "Rohingya-The Stateless Community Becoming the Lost Generation," Journal of Economic Development, Environment and People, Alliance of Central-Eastern European Universities, vol. 8(2), pages 24-36, June.
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    70. Mohajan, Haradhan, 2017. "Development of Einstein’s Static Cosmological Model of the Universe," MPRA Paper 83001, University Library of Munich, Germany, revised 16 Feb 2017.
    71. Mohajan, Haradhan, 2017. "Tacit Knowledge for the Development of Organizations," MPRA Paper 83040, University Library of Munich, Germany, revised 14 Mar 2017.
    72. Michael Carter, 2001. "Foundations of Mathematical Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262032899, April.
    73. Mohajan, Haradhan, 2011. "Green marketing is a sustainable marketing system in the twenty first century," MPRA Paper 50857, University Library of Munich, Germany, revised 16 Feb 2012.
    74. Mohajan, Haradhan, 2013. "Food, Agriculture and Economic Situation of Bangladesh," MPRA Paper 54240, University Library of Munich, Germany, revised 18 Aug 2013.
    75. Mohajan, Haradhan, 2014. "Gravitational Collapse of a Massive Star and Black Hole Formation," MPRA Paper 83188, University Library of Munich, Germany, revised 10 Aug 2014.
    76. Das, Sabuj & Mohajan, Haradhan, 2014. "Generating Functions for X(n) and Y(n)," MPRA Paper 55685, University Library of Munich, Germany, revised 30 Jan 2014.
    77. Mohajan, Haradhan, 2016. "Singularities in Global Hyperbolic Space-time Manifold," MPRA Paper 82953, University Library of Munich, Germany, revised 16 Mar 2016.
    78. Islam, Jamal & Mohajan, Haradhan & Moolio, Pahlaj, 2011. "Borda voting is non-manipulable but cloning manipulation is possible," MPRA Paper 50848, University Library of Munich, Germany, revised 10 Jan 2012.
    79. Mohajan, Haradhan, 2021. "Product Maximization Techniques of a Factory of Bangladesh: A Sustainable Procedure," MPRA Paper 108094, University Library of Munich, Germany, revised 15 May 2021.
    80. Mohajan, Devajit & Mohajan, Haradhan, 2022. "Feminism and feminist grounded theory: a comprehensive research analysis," MPRA Paper 114914, University Library of Munich, Germany, revised 15 Jul 2022.
    81. Mohajan, Haradhan, 2021. "Global COVID-19 Pandemic: Prevention and Protection Techniques," MPRA Paper 106923, University Library of Munich, Germany, revised 19 Jan 2021.
    82. Mohajan, Haradhan, 2018. "Medical Errors Must be Reduced for the Welfare of the Global Health Sector," MPRA Paper 89644, University Library of Munich, Germany, revised 03 Sep 2018.
    83. Mohajan, Haradhan, 2022. "Maximum profit ensured for industry sustainability," MPRA Paper 114801, University Library of Munich, Germany, revised 15 May 2022.
    84. Mohajan, Haradhan, 2019. "The First Industrial Revolution: Creation of a New Global Human Era," MPRA Paper 96644, University Library of Munich, Germany, revised 17 Jul 2019.
    85. Islam, Jamal & Mohajan, Haradhan & Datta, Rajib, 2012. "Stress management policy analysis: a preventative approach," MPRA Paper 50698, University Library of Munich, Germany, revised 02 Mar 2012.
    86. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Glaserian Grounded Theory and Straussian Grounded Theory: Two Standard Qualitative Research Approaches in Social Science," MPRA Paper 117017, University Library of Munich, Germany, revised 20 Feb 2023.
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    Cited by:

    1. Mohajan, Devajit, 2023. "Historical View of Diabetics Mellitus: From Ancient Egyptian Polyuria to Discovery of Insulin," MPRA Paper 118477, University Library of Munich, Germany, revised 12 Mar 2023.
    2. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Economic Aspects of Profit Maximization if Cost of Principal Raw Material Increases," MPRA Paper 117453, University Library of Munich, Germany, revised 22 Mar 2023.
    3. Mohajan, Devajit & Mohajan, Haradhan, 2023. "The Responses of an Organization for the Increase in Wage Rates: Profit Maximization Cases," MPRA Paper 118238, University Library of Munich, Germany, revised 10 Jun 2023.
    4. Mohajan, Devajit, 2023. "Ponderal Index: An Important Anthropometric Indicator for Physical Growth," MPRA Paper 118334, University Library of Munich, Germany, revised 13 Feb 2023.
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    6. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Economic Investigation of Lagrange Multiplier if Cost of Inputs and Budget Size of a Firm Increase: A Profit Maximization Endeavor," MPRA Paper 117993, University Library of Munich, Germany, revised 07 May 2023.
    7. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Various Problems Arise in Industrial Economics If Wage Rate Increases: A Study for Nonlinear Budget Constraint," MPRA Paper 117553, University Library of Munich, Germany, revised 04 Apr 2023.
    8. Mohajan, Devajit, 2023. "Mathematical Analysis of an Industry When Cost of Principal Raw Materials Increase: A Nonlinear Budget Constraint Attempt," MPRA Paper 118933, University Library of Munich, Germany.
    9. Mohajan, Devajit & Mohajan, Haradhan, 2023. "Effects of Various Inputs for Increased Interest Rate of Capital: A Nonlinear Budget Constraint Consideration," MPRA Paper 118134, University Library of Munich, Germany, revised 06 May 2023.
    10. Mohajan, Devajit & Mohajan, Haradhan, 2023. "An Economical Study When Cost of Irregular Raw Materials of an Industry Increases for Nonlinear Budget Constraint," MPRA Paper 118176, University Library of Munich, Germany, revised 05 May 2023.

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    More about this item

    Keywords

    Profit maximization; Lagrange multiplier; nonlinear budget constraint;
    All these keywords.

    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • C41 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Duration Analysis; Optimal Timing Strategies
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs

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