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Questions tagged [duality]

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How accurate is duality?

In economic theory we know that with the use of some calculus, Hotellings Lemma and Sheppards lemma we can derive a given firms supply function and in term its Profit function. With data of a given ...
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1answer
300 views

Duality Proof - Consumer Theory

For solving this question, which assumptions/axioms should be used and should Lagrange multipliers be equal or different? Think of an agent with utility function u() and wealth w. Assume that u() is ...
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0answers
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Curvature of Cost and Production Function

I have been trying to understand the duality theory between cost and production function. Please let me know if my following statement is correct; If the cost function $C(w,q)$ is convex in $q$, the ...