A company makes solar panels. The company's revenue function, in dollars, is R(n)=10n, where n is the number of panels produced. The cost function is C(n) -100(2). Rand Care shown on the graph below. 1000 800 600 400 200 0. 20 80 Number of Panels 40 60 100 a) Estimate from the graph I) the break-even points ii) the number of panels that should be produced for maximum profit b) Write the equation for the profit function P. c) Graph P. d) Use your graph of P to estimate the number of panels that give maximum profit. e) How would your answers for break-even points and maximum profit change if I) the number of dollars of revenue per panel is increased slightly? i) the cost function is changed to C(n) = 100(2)? f) What does the number that was changed in part e) i) represent? Dollars
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.
Step by step
Solved in 4 steps with 4 images
