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Economics

Explain the first-order condition of sufficiency of consumer.

Sufficiency of Consumer’s First-Order Conditions

This first-order condition is merely essential conditions for a local optimum. Nonetheless, for the particular problem at hand, such required first-order conditions are actually sufficient for a global optimum while a utility function is quasi-concave.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9581806

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