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Find the critical point(s) of the function. Then use the second derivative test to classify the nature of each point, if possible. Finally, determine the relative extrema of the function.
World Price
The international market price of a good or service, determined through the global supply and demand.
Tariff Revenue
Income generated by the government from taxes imposed on imported goods, used as a tool for economic policy.
World Price
The global market cost of a good or service, shaped by worldwide demand and supply factors.
Tariff
A tariff is a tax imposed on imported goods and services, intended to make foreign products more expensive and protect domestic industries.
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