You are working to model your production function and you are interested in the equation of the line tangent to the production function at a specific level of production. You know that the equation of the tangent line will be first derivative of the production function. Given this information,  Previously, a consultant had estimated that your production function could be estimated as f(x) = -1,000 + 26 hours - 0.2 hours^2 Given that you firm is planning to use 97 hours in the production process, what is the value of the equation of the tangent line at 97?

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Optimization Models

Optimization models are mathematical models that help organizations determine the best way to allocate scarce resources to achieve specific objectives. These models can be used to solve a wide variety of problems, from finding the most efficient route for a delivery truck to determining the optimal mix of products to stock in a store.