Find the Critical Point(s) of the Function

question 41

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) (0, 0); relative minimum value: f(0, 0) = 4
• B) (0, 0); saddle point: f(4, 0) = 2
• C) (0, 0); relative maximum value: f(0, 0) = 2

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Definitions:

Efficiency Loss

The loss of economic efficiency that can occur when the balance between supply and demand is not achieved or is interfered with.

Excise Tax

A tax imposed on the sale of specific goods or services, often included in the price of the product, such as tobacco or alcohol.

Inelastic

Pertains to a scenario where the level of demand or supply for a product or service shows little reaction to price fluctuations.

Demand and Supply

Demand and Supply are fundamental economic concepts that describe the quantities of goods or services that consumers wish to purchase at various prices and the quantities that producers are willing to sell.