Acta academica karviniensia 2011, 11(3):150-157 | DOI: 10.25142/aak.2011.054

DETERMINANTS AND THEIR USE IN ECONOMICS

Eva Valentová
Mgr. Eva Valentová, Department of Mathematics, University of Economics, Ekonomická 957, 148 00 Prague 4, Tel: 224094243, E-mail:evalenta@vse.cz

The Cramer's rule provides a method of solving a system of linear equations through the use of determinants. The Hessian can be used for a test whether a given critical point is a local minimum or maximum of a function of two or more real variables. In the article the use of the Cramer's rule and the Hessian is demonstrated on economic optimization problems.

Keywords: determinant, Cramer's rule, Hessian, optimization problems
JEL classification: D49, E23

Published: September 30, 2011  Show citation

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Valentová E. DETERMINANTS AND THEIR USE IN ECONOMICS. Acta academica karviniensia. 2011;11(3):150-157. doi: 10.25142/aak.2011.054.
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