How To: Use optimization methods in calculus

Use optimization methods in calculus

This video shows how to use optimization methods in calculus. Optimization means finding the maximum or minimum values of a quantity or finding when the maximum or minimum occurs.What quantities are optimized in economics?we want to minimize costs or maximize revenue.First steps in any optimization problem1.Identify the quantity to be optimized i.e., read the problem exactly what is exactly maximized or minimized.2.Identified the feasible domain. This is important because the math we can optimize a problem. feasible domain means the domain of a function i.e., the quantity to be optimized.There are three optimization methods that we study.1. Closed interval method2. First derivative test.3. 2nd derivative test.Two final questions is really important1. Does my answer make sense?2. Did I answer the question asked?This is really important in any problem but especially with optimization problem answer to wrong questions. One make sure that what is the maximum quantity required.

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