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In microeconomics, the expenditure minimization problem is the dual of the utility maximization problem: "how much money do I need to reach a certain level of happiness?". This question comes in two parts. Given a consumer's utility function, prices, and a utility target, * how much money would the consumer need? This is answered by the expenditure function. * what could the consumer buy to meet this utility target while minimizing expenditure? This is answered by the Hicksian demand function.

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  • In microeconomics, the expenditure minimization problem is the dual of the utility maximization problem: "how much money do I need to reach a certain level of happiness?". This question comes in two parts. Given a consumer's utility function, prices, and a utility target, * how much money would the consumer need? This is answered by the expenditure function. * what could the consumer buy to meet this utility target while minimizing expenditure? This is answered by the Hicksian demand function.
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  • Expenditure minimization problem
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  • In microeconomics, the expenditure minimization problem is the dual of the utility maximization problem: "how much money do I need to reach a certain level of happiness?". This question comes in two parts. Given a consumer's utility function, prices, and a utility target, * how much money would the consumer need? This is answered by the expenditure function. * what could the consumer buy to meet this utility target while minimizing expenditure? This is answered by the Hicksian demand function.
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