Expenditure minimization problem

In microeconomics, the expenditure minimization problem is another perspective on the utility maximization problem: "how much money do I need to be happy?". This question comes in two parts. Given a consumer's utility function, prices, and a utility target,

• how much money would a buyer need? This can be answered by asking oneself 'how much do I really need to live well?". It is suprising how little expenditure a person needs to make in order to live a healthy, happy life.