Economics · Mathematical Economics
In static optimization problems, the Lagrange multiplier in a constrained maximization framework can be interpreted as:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The slope of the indifference curve
- 2The marginal rate of technical substitution
- 3The elasticity of substitution between inputs
- 4The shadow price of the constraint✓
Correct answer
The shadow price of the constraint
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