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According to the Baumol-Tobin model of cash management the combined opportunity and transaction cost of holding currency is C= FN + i Y/2N -Differentiate C with regards to N -Find the 1st order condition for the optimal value of N, that is N* -Check the 2nd order condition to confirm that total costs are minimized at N*

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According to the Baumol-Tobin model of cash management the combined

opportunity and transaction cost of holding currency is C= FN + i Y/2N

-Differentiate C with regards to N
-Find the 1st order condition for the optimal value of N, that is N*
-Check the 2nd order condition to confirm that total costs are minimized at N*

 
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