Determine Whether There Is a Relative Maximum, a Relative Minimum $f ( x , y ) \text { at the critical point }$

question 93

Multiple Choice

Determine whether there is a relative maximum, a relative minimum, a saddle point, or insufficient information to determine the nature of the function $f ( x , y ) \text { at the critical point }$ $\left( x _ { 0 } , y _ { 0 } \right) \text {, if } f _ { x x } \left( x _ { 0 } , y _ { 0 } \right) = 16 , f _ { y y } \left( x _ { 0 } , y _ { 0 } \right) = - 2 , f _ { x y } \left( x _ { 0 } , y _ { 0 } \right) = - 1$

• A) relative maximum
• B) relative minimum
• C) saddle point
• D) insufficient information .

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price.

Firm Decreases Price

A strategic action where a company lowers the selling price of its goods or services to attract more customers or increase sales volume.

Revenue

represents the total amount of income generated by a company from its business activities, such as sales of goods and services, before any expenses are subtracted.

Demand Curves

Curves that describe buyer behavior and tell you how much consumers will buy at a given price.