what is the meaning of 1st-order and 2nd-order?
The first-order condition is the one involving the first derivative, and second-order condition is the one involving the second derivative.
See also this slide.
what is the meaning of 1st-order and 2nd-order?
The first-order condition is the one involving the first derivative, and second-order condition is the one involving the second derivative.
See also this slide.