DEGENERATE CASE IN INVESTIGATING CRITICAL POINTS IN TWOVARIABLE ECONOMIC OPTIMIZATION PROBLEMS
Keywords:
Polynomial, partial derivative, determinant, critical point, two-variable function, Taylor series.Abstract
In economics, most of the optimization problems reduce to finding critical points of an objective function. We present accessible methods such as Taylor expansion and Splitting methods. The proposed approaches are accessible to undergraduate students and researchers encountering degenerate critical points in optimization and mathematical modelling.
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