Expenditure minimization problem
id:
expenditure-minimization-problem-235-9906051
title:
Expenditure minimization problem
text:
In microeconomics, the expenditure minimization problem is the dual of the utility maximization problem: "how much money do I need to reach a certain level of happiness?". This question comes in two parts. Given a consumer's utility function, prices, and a utility target, how much money would the consumer need? This is answered by the expenditure function.
what could the consumer buy to meet this utility target while minimizing expenditure? This is answered by the Hicksian demand function.
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wiki
category slug:
encyclopedia
description:
original url:
https://en.wikipedia.org/wiki/Expenditure_minimization_problem
date created:
date modified:
2023-09-10T12:56:33Z
main entity:
{"identifier":"Q5253365","url":"https://www.wikidata.org/entity/Q5253365"}
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13
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