For the demand equation, express the total revenue R as a function of the price p per item. q = -4p + 400 R(p) : Sketch the graph of the resulting function. 20000 Graph L Clear All 19000 18000 After yc 17000 Delete can us= 16000 15000 propert 14000 Fill 13000 12000 11000 10000 9000 8000 7000 No 6000 Solution 5000 4000 3000 2000 1000 10 -1000 -10 20 30 40 50 60 70 80 90 100 110 -2000 e Help WebAssign. Graphing Tool Determine the price p (in dollars) that maximizes total revenue.
Minimization
In mathematics, traditional optimization problems are typically expressed in terms of minimization. When we talk about minimizing or maximizing a function, we refer to the maximum and minimum possible values of that function. This can be expressed in terms of global or local range. The definition of minimization in the thesaurus is the process of reducing something to a small amount, value, or position. Minimization (noun) is an instance of belittling or disparagement.
Maxima and Minima
The extreme points of a function are the maximum and the minimum points of the function. A maximum is attained when the function takes the maximum value and a minimum is attained when the function takes the minimum value.
Derivatives
A derivative means a change. Geometrically it can be represented as a line with some steepness. Imagine climbing a mountain which is very steep and 500 meters high. Is it easier to climb? Definitely not! Suppose walking on the road for 500 meters. Which one would be easier? Walking on the road would be much easier than climbing a mountain.
Concavity
In calculus, concavity is a descriptor of mathematics that tells about the shape of the graph. It is the parameter that helps to estimate the maximum and minimum value of any of the functions and the concave nature using the graphical method. We use the first derivative test and second derivative test to understand the concave behavior of the function.
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