To Solve Problems in Economics-Maxima and Minima Approach

Abstract

Thomas Simpson is still an icon for maxima and minima. The purpose of this article is just to provide additional information about the concepts of maxima and minima in business economics. Companies often want to minimize production cost or maximize revenue. It is often desirable to minimize the amount of material used to package a product with a certain volume. The basic idea of the optimization problems that follow is the same we have a particular quantity that we are interested in maximizing or minimizing. Here some problems are solved.