Find the Critical Point(s) of the Function

question 12

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) ; relative maximum value:
• B) and ; relative maximum value: ; relative minimum value:
• C) ; saddle point:
• D) and ; saddle point: ; relative minimum value:
• E) there are no critical points

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Definitions:

Substitution

Substitution refers to the economic principle where users replace one good or service with another in response to changes in price, technology, or consumer preferences.

Product Transformation Curve

Curve showing the various combinations of two different outputs (products) that can be produced with a given set of inputs.

Diseconomies of Scope

A situation where the cost per unit increases as a company produces more types of products or services.

Economies of Scope

Cost advantages that enterprises obtain due to efficient utilization of resources across multiple products or services.