We are using maxima and minima in our daily life as well as in every field such as chemistry, physics, engineering and in economics etc.,

**Maxima and minima**

We are using maxima and minima in
our daily life as well as in every field such as chemistry, physics,
engineering and in economics etc.,

In particular, we can use maxima
and minima

(i) To
maximize the beneficial values like profit, efficiency, output of a company
etc.,

(ii) To
minimize the negative values like, expenses, efforts etc.,

(iii) Used in the study of
inventory control, economic order quantity etc.,

**1. Increasing and decreasing functions**

**2. Stationary Value of a function**

**3. Local and Global(Absolute) Maxima and
Minima**

Tags : Applications of differentiation in business and economics , 11th Business Mathematics and Statistics(EMS) : Chapter 6 : Applications of Differentiation

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11th Business Mathematics and Statistics(EMS) : Chapter 6 : Applications of Differentiation : Maxima and minima | Applications of differentiation in business and economics

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