Question

**Your team discussion should center on how knowledge of
first and second derivatives can be used to find the profit (or
revenue) maximizing output and the cost**
**minimizing** **output.**

Answer #1

**In order to Maximize profit**

**First Step**

**Calculate Profit**

TR(Total Revenue) - TC(Total Cost) = Profit , label it as equation(1)

**Second Step**

Find the Derivative of the equation (1) and label it as equation (2)

**Third Step**

Now put equation (2) equal to Zero to find critical point

**Fourth Step**

Find Second Derivative using equation(2) and put value of x we found in Third step

**Final Step**

If the result is less than Zero it means profit is Maximized at that value of x or we can say at units of output.

**Cost minimizing output**

**First Step**

Find the derivative of TC(Total cost) function

**Second Step**

Put the equation after derivative equal to zero to find critical point

**Third Step**

Find Second Derivative of the equation and put in it value of x we found in second step

**Final Step**

If the result is more than Zero ,it mean total cost is Minimized at that units of output.

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