Cost Minimization of a Competitive Firm

One of the economists’ missions is to predict the behavioral responses of consumers or firms on the assumption that optimizing continues. Once this capability is developed, economists try to manage “today” to optimize future economic return of the inputs. Techniques to predict future performance vary from an educated guess based on an appropriate analogy to very complex analytical and numerical calculations and approximations. However, what they all have in common is that they analyze performance in past to say something to obtain constrained optimal output in future. Considering Lagrange multiplier technique applied to a firm’s cost minimization problem subject to production function as an output constraint, an attempt has been made in this paper to apply necessary and sufficient conditions for optimal values. We gave interpretation of Lagrange multiplier and showed that its value is positive. Examining the behavior of the firm; that is, if the cost of a particular input increases, the firm needs to consider decreasing level of that particular input; at the same time, there is no effect on the level of other inputs; also that when the demand of product increases, the firm should consider increasing its level of inputs: capital, labour and other inputs, have been derived.Lagrange Multiplier, Optimization, Cost Minimization, Cobb-Douglas Production Function.

Output Maximization of an Agency

Considering Cobb-Douglas function in three variables as an explicit form of production function, in this paper an attempt has been made to maximize an output subject to a budget constraint, using Lagrange multipliers technique, as well as necessary and sufficient conditions for optimal value have been applied. We gave interpretation of Lagrange multiplier in this specific illustration, showing its positive value, and examined the behavior of the agency.Lagrange Multipliers; Economic Problems; Maximizing Output Function; Budget Constraints; Explicit Examples.

Preference of Social Choice in Mathematical Economics

Mathematical Economics is closely related with Social Choice Theory. In this paper, an attempt has been made to show this relation by introducing utility functions, preference relations and Arrow’s impossibility theorem with easier mathematical calculations. The paper begins with some definitions which are easy but will be helpful to those who are new in this field. The preference relations will give idea in individual’s and social choices according to their budget. Economists want to create maximum utility in society and the paper indicates how the maximum utility can be obtained. Arrow’s theorem indicates that the aggregate of individuals’ preferences will not satisfy transitivity, indifference to irrelevant alternatives and non-dictatorship simultaneously so that one of the individuals becomes a dictator. The Combinatorial and Geometrical approach facilitate understanding of Arrow’s theorem in an elegant manner.Utility Function, Preference Relation, Indifference Hypersurface, Social Choice, Arrow’s Theorem.

Higher Order Markov Structure-Based Logistic Model and Likelihood Inference for Ordinal Data

Azzalini (1994) proposed a first order Markov chain for binary data. Azzalini’s model is extended for ordinal data and introduces a second order model. Further, the test statistics are developed and the power of the test is determined. An application using real data is also presented

The Livelihood Strategies and Food Management of the Small-Scale Fishing Communities: A Case Study from Inland Open Water Area of Bangladesh

Fisheries sectors are contributing significantly to a community from their livelihoods and food security perspective. Though, fisheries sector is supporting about 11% of the total population’s livelihood of Bangladesh but fisherman is one of the most vulnerable communities in Bangladesh. However, the livelihood of Small Scale Fishers (SSFs) especially who do fishing in the inland open water area are undervalued both in the global and national scale by the scholars.  Using a primary data survey on 352 SSF households, this study discussed the livelihood strategies and the food management behavior of SSFs of the inland open water area of Bangladesh. This study found that SSFs do fishing on average for 7.4 months in a year, and rest of the months they are involved in other income generating activities. Moreover, 61.93% stated that they have conflicts over fish catching. Besides fishing, 88.54% SSFs do agriculture labor as their part time income generating activities.  On the other hand, most of the households (71.6%) grow their primary food from their family firm, but 41.2% households struggle for their food on average 2.7 months in a year. Furthermore, 44.6% households reported that their daily food items are decreasing over the years. Additionally, 89.95% households reported that more than 50 percent of their annual income come from fishing. Keywords: Small Scale Fishing, Inland Open Water, Fishing Community, Livelihood Strategy, Food Managemen

Econometric Analysis of Production Behavior in the Chemical Industry of Bangladesh: A Panel Data Framework

In this study we have attempted to consider the relationship between the gross output and few explanatory variables in the form of Cobb-Douglas production function model of different firms of Chemical industry of Bangladesh using panel data framework. For analysis purpose we have used data for 4 sub-sectors of chemical industry namely, PVC pipe, Paper, Sanitary ware and Insulator for the period 1999 to 2009.However, for our study purpose we have considered only fixed effect model version of panel data. In this study we consider only four possible cases of fixed effect model which are (1) all coefficients constant across time and individuals, (2) slope coefficients constant over individuals and time but intercept varies across individuals, (3) slope coefficients constant over individuals and time but intercept varies over individuals and time, (4) all coefficients varies across individuals. To stay in the competitive market we have to invest as much possible. Total cost has positive effect on the production. We have considered economies of scale. Results indicate the necessity for appropriate policies at the national level for raising production to increase contribution of chemical industry to GDP

In vitro Antibacterial Activity of Methanol Seed Extract of Elettaria cardamomum (L.) Maton

Antibacterial activity of methanol seed extract of Elettaria cardamomum (L.) Maton was tested using agar disc diffusion method against 10 human pathogenic bacteria (Gram positive: Staphylococcus aureus, Streptococcus-β-haemolytica, Bacillus subtilis, Bacillus megaterium, and Sarcina lutea as well as Gram negative: Klebsiella pneumoniae, Pseudomonas aeruginosa, Salmonella typhi, Shigella dysenteriae, and Shigella sonnei). Methanol extract inhibited the growth of all the tested bacteria having various degrees of inhibition zones. Highest inhibitory activity was observed against Salmonella typhi (16.83 mm) with lowest MIC (minimum inhibitory concentration) and MBC (minimum bactericidal concentration) values viz. 25 mg/ ml and 50 mg/ml, respectively in gram negative bacteria and the same was observed against Streptococcus-β-haemolytica (15.5 mm) with the MIC and MBC value of 50 mg/ml in gram positive bacteria. On the basis of this experimental result, it can be concluded that methanol seed extract of E. cardamomum could be considered for further isolation and evaluation as therapeutic antimicrobial

In vitro Antibacterial Activity of Methanol Seed Extract of Elettaria cardamomum (L.) Maton

Antibacterial activity of methanol seed extract of Elettaria cardamomum (L.) Maton was tested using agar disc diffusion method against 10 human pathogenic bacteria (Gram positive: Staphylococcus aureus, Streptococcus-β-haemolytica, Bacillus subtilis, Bacillus megaterium, and Sarcina lutea as well as Gram negative: Klebsiella pneumoniae, Pseudomonas aeruginosa, Salmonella typhi, Shigella dysenteriae, and Shigella sonnei). Methanol extract inhibited the growth of all the tested bacteria having various degrees of inhibition zones. Highest inhibitory activity was observed against Salmonella typhi (16.83 mm) with lowest MIC (minimum inhibitory concentration) and MBC (minimum bactericidal concentration) values viz. 25 mg/ ml and 50 mg/ml, respectively in gram negative bacteria and the same was observed against Streptococcus-β-haemolytica (15.5 mm) with the MIC and MBC value of 50 mg/ml in gram positive bacteria. On the basis of this experimental result, it can be concluded that methanol seed extract of E. cardamomum could be considered for further isolation and evaluation as therapeutic antimicrobial

Integrated nitrogen management in increasing yield and economic profitability of broccoli (Brassica oleracea var. italica L.)

The experiment was conducted at Bangabandhu Sheikh Mujibur Rahman Agricultural University during the period of November 2014 to April 2015 with a view to assess the combined effect of inorganic and organic sources of nitrogen on yield of broccoli and to develop a combined dose under integrated plant nutrition system (IPNS) for broccoli production. Four levels of Nitrogen (N) as 140, 160 and 180 kg N ha-1 as urea super granules (USG) and 180 kg N ha-1 as prilled urea (PU) as well as three different organic nitrogen sources (IPNS based) were considered to comprise 24 treatments combinations. The experiment was laid out in a randomized complete block design with three replications. USG along with organic manures showed better yield performance regarding yield attributes and yield compared to PU. The highest head yield (14.7 t ha-1) was found in USG-N160 kg/ha+ Oil Cake (OC)2t/ha followed by USG-N180kg/ha+ OC2t/ha (14.5 t ha-1). The maximum lateral head yield (6.612 t ha-1), marginal rate of return (132), and benefit cost ratio (4.00) were recorded in USG-N160kg/ha+ Poultry manure (PM)3t/ha. The treatment PU-N180+PM3 also showed better performance regarding yield (13.7 t ha-1), harvest index (27.1%) and benefit cost ratio (BCR) (3.84). Therefore, USG @160 kg N ha-1 + 3 t ha-1 poultry manure as adjusted N126P22K62S14Zn2B1Mo0.8 kg/ ha+3 t/ha PM or PU @180 kg N/ ha + 3 t/ ha poultry manure as adjusted N146P22K62S14Zn2B1Mo0.8 ha+3 t/ ha PM can be recommended for broccoli production in Grey Terrace Soil