📅 On 22 May 2025, a regular class was held within the framework of the international virtual mobility programme ‘Econometrics’, which is jointly implemented by Sumy State University and Mahatma Jyotiba Phule Rohilkhand University (MJPRU, Bareilly, India).
🌐 The Econometrics programme continues to bring together students and professors from different countries around topical issues in economics, statistics and analytics. The topic of this meeting was ‘Optimisation using Lagrange multipliers’.
👨🏫 The lecturer was Professor Nawaz Ahmed, Associate Professor of the Department of Business Administration, Shaheed Benazir Bhutto University.
🔍 During the lecture, the participants considered
– Lagrange multiplier method for solving optimisation problems of functions with constraints;
– construction and interpretation of the Lagrange function;
– examples of production optimisation, including determining the optimal ratio of labour and capital for a given budget;
– economic interpretation of Lagrange multipliers;
– the difference between linear programming and optimisation using Lagrange multipliers.
✨ We would like to thank all participants for their active participation, interesting questions and additions. We are looking forward to the next classes to continue to deepen our knowledge of econometrics and share international experience!
