Find the Critical Point(s) of the Function

question 179

Multiple Choice

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. ​ ​

• A) ; saddle point:
• B) ; relative maximum value:
• C) ; relative minimum value:

Describe the role of competition in driving market prices towards equilibrium.

Learn about the concept of shortages and surpluses and their causes.

Understand the conditions under which black markets emerge.

Understand the accounting process and journal entry preparation for stock dividends and stock splits.

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Definitions:

Purely Competitive Industry

A market structure where many firms offer products or services that are similar, allowing for free entry and exit, and ensuring no single firm can influence market prices.

Long-Run Adjustments

Changes in the scale of production or in the input mix used by firms in response to economic conditions over a period where all inputs can be varied.

Market Supply

The total amount of a product or service that is available for purchase at various price points in a market at a given time.

Perfectly Elastic

A situation where the demand or supply for a good or service is infinitely responsive to changes in price.