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31 Pages

econ11_08_lecture4

Course: ECON 11, Fall 2008
School: UCLA
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Word Count: 6796

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Minimisation Expenditure Problem Simon Board This Version: November 3, 2008 First Version: October 27, 2008. The expenditure minimisation problem (EMP) looks at the reverse side of the utility maximisation problem (UMP). The UMP considers an agent who wishes to attain the maximum utility from a limited income. The EMP considers an agent who wishes to find the cheapest way to attain a target utility. This approach...

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UCLA - ECON - 11
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