Section 12.1

Extrema of a Function

Many applications in business and economics require us to find either the highest point or the lowest point on a function. If we have a function that describes volume of a piece of luggage as a function of its dimensions, the highest point on the graph gives us the dimensions at which the volume is greatest.  For a product’s average cost function, the lowest point on the function gives us the production level that yields the lowest cost per unit.

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In this section we’ll find these points by learning how to find the bumps and dips on a function’s graph as well as the very highest and lowest points on a graph.


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