Additional Notes

Question 1

How to calculate extreme points and inflection points

Answer 1

Step 1: 1st, 2nd, 3rd derivative
Step 2: find f’(x)=0
Step 3: plug-in f’(x) = 0 points to OG to find value pair (x/y) extremas
Step 4: plug-in f’(x) point to f”(x) function to find out if min or max

Inflection points
Step 1: find f”(x)=0 then plug in points to OG function to find value pair pf inflection points (x/y)
Step 2: confirm- if f”’(x) is NOT 0, then it’s an inflection point

Question 2

What is lnx=a

Answer 2

e^a

Question 3

What is log (1)

Answer 3

0

Question 4

How to know if polynomial function is local or global

Answer 4

Step 1: check degree of function:
If even, then:
+ co-efficient = only local min/max
- co-efficient= global max/ local min
If odd, then:
only LOCAL min/max

Case 2: if exponential function, then
x*e^-x = local max and potential global min/max

Case 3: if rational function, then
only LOCAL min/max

Question 5

What is your goal in optimization

Answer 5

Minimum: Cost
Maximum: Revenue & Production

Question 6

How to get profit function?

Answer 6

Revenue - Cost

Question 7

What is business math?

Answer 7

Business math is the application of mathematical methods to solve business and economic problems. It uses tools such as functions, differential calculus, optimization and financial math. Business math can help analyze a company’s profit, revenue and costs. Additionally, it can help optimize production and pricing strategies as well as aid in making data-driven decisions.
For example it can calculate the equilibrium point for supply and demand, break-even points in production and economies of scale.
Business math is an essential tool that can help quantify and systemize business processes in leading companies to success.