Let (A,m) be a Noetherian local ring, M a finite A-module
and x_1,...,x_n\in \m such that \lambda (M/\x M) is finite. Serre proved
that all partial Euler characteristics of M with respect to \x is
non-negative. This fact is easy to show when A contains a field. We give an
elementary proof of Serre's result when A does not contain a field.Comment: 2 page