MAC2311 Lecture Notes - Lecture 21: Marginal Cost, Marginal Revenue
20 Dec 2017
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Document Summary
Provide a generalization to each of the key terms listed in this section. Optimization is the general process of nding any global extrema. Optimization problems are problems that deal with nding any global extrema. It is almost mandatory, but just in case and/or if appropriate, draw a gure that ts the problem. Label all of the quantities that relate the the problem. Name all of the quantities, even though it"s normally one quantity being asked for, that is to be optimized. Figure out which formula(s) for the proper quantity you"re solving for that"s to be optimized. Figure out any of the practical domain of the given variable that was discussed in the previous step. If highly necessary, use the given techniques to nd the optimum/optimized value. There is a farmer with 2500f t of fencing, but he wanted to fence o a rectangular eld that would actually border a straight river.
