Question

What is meant by the dual problem in context of the utility and expenditure optimisation exercise ?

Answer 1

Answer:

please mark me as a brainlist

Explanation:

In mathematical optimization theory, duality or the duality principle is the principle that optimization problems may be viewed from either of two perspectives, the primal problem or the dual problem. The solution to the dual problem provides a lower bound to the solution of the primal (minimization) problem.[1] However in general the optimal values of the primal and dual problems need not be equal. Their difference is called the duality gap. For convex optimization problems, the duality gap is zero under a constraint qualification condition.

Answer 2

The dual problem in context of the context of the utility and expenditure optimization is to increase the utility of the goods depending on the primal demand along with minimization of the costs involved during the period of dual demand.

Explanation:

• The best way to solve the problem of the customer while making of choice of goods is by fixing the budget and price and try and obtain maximum utility  from the demand of price and income which is the primal demand.
• One can also adjust the level of optimum utility that we would like to get  with the help of decreasing the costs that is there due to the duality of the demand.
• The relationship between the between the optimum level of output from the utility maximization of prices solutions and the result of value from the expenditure minimization prices along with the results of the value  functions of the dual problem in hand are the main aspect of this dual relationship.

To know more about utility and expenditure

Distinguish between capital expenditure revenue expenditure and deferred expenditure

https://brainly.in/question/13324360