Find the Relative Extrema, If Any, of the Function

question 177

Multiple Choice

Find the relative extrema, if any, of the function. Use the second derivative test, if applicable.

• A) Relative minimum: f (- 1) = 17
• B) Relative maximum: f (- 2) = 12
• C) Relative maximum: f (- 1) = 17
• D) Relative minimum: f (- 2) = 12
• E) none

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Definitions:

Easy Entry

A characteristic of market structures where new competitors can easily enter the market without significant barriers or cost.

Constant-Cost Industry

An industry in which the costs of production, including input prices, do not change as the industry's output changes.

Economic Profits

Profits calculated after subtracting both the explicit and implicit costs from total revenues; also known as supernormal profits.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, representing additional earnings beyond the normal profit level.