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Expenditure minimization problem
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<p>In <a href="/facts/Microeconomics/mX6Ek69Y">microeconomics</a>, the expenditure minimization problem is the <a href="/facts/Duality_(optimization)/lXqeKfnK">dual</a> of the <a href="/facts/Utility_maximization_problem/pnD7dss4">utility maximization problem</a>: "how much money do I need to reach a certain level of happiness?". This question comes in two parts. Given a <a href="/facts/Consumer/dMflnQGX">consumer</a>'s <a href="/facts/Utility_function/wlMDG74L">utility function</a>, prices, and a utility target, </p> <ul><li>how much money would the consumer need? This is answered by the <a href="/facts/Expenditure_function/cBW5UeMD">expenditure function</a>.</li> <li>what could the consumer buy to meet this utility target while minimizing expenditure? This is answered by the <a href="/facts/Hicksian_demand_function/PCvremTw">Hicksian demand function</a>.</li></ul>