revenue is price * quantity
profit is revenue - cost
avg cost is totalcost/quantity
as usual, max/min is found via the derivative
How do you find maximum revenue, maximum profit, and minimum average cost? Our teacher gave us a project to teach ourselves the section, but I can't learn very well even with her teaching, so I don't know how I'm supposed to do this...
3 answers
I don't remember how to did min/max. I can get as far as the critical numbers...
if you can find the critical numbers, that is where the derivative is zero. That is the point of min/max of the function.
Check some of the related links below; you will find such problems worked out.
Also, a net search for minimum revenue and such will produce many examples showing the method.
Check some of the related links below; you will find such problems worked out.
Also, a net search for minimum revenue and such will produce many examples showing the method.