How can equations and inequalities help a business maximize profit and minimize costs?

Question

anonymous · Answer

I´m not quite sure the point of the question.

But, for example, if you have a profit function = P (x,v,y) as a function of some variables, you could use calculus to find the maximun of that profit function.

anonymous · Answer

By graphing such an equation or inequality, you will discover that you can also find its maximum and minimum values.  The equations will look someone like a quadratic equation or a polynomial greater than 2 (i.e. ax^2+bx+c). You can find such max and min values using calculus or a graphing calculator.  Inequalities is an extension in which you can specify or set boundaries to the variable, just an extension of the equation.  I hope this helps!

anonymous · Answer

And you could have a cost function = C (x,y,z) and then you could ufind the minimun.

anonymous · Answer

Im not sure that the equations will look like quadratic...it could be any function...if you have a model of several variables that describes the costs and the profits then you could have functions in R^n to R.  To do calculus in R^n to R you always use inequalities. :P

anonymous · Answer

Yeah, you could be right.  I meant you have a set of data which you can input in a grapher for example and calculate its regression.  But again, the question is very vague to begin with.  So whatever. lol.

anonymous · Answer

Only functions like  f(x) and f(x,y) have graphics suceptible to be plotted. You can work with functions that you cannot plott.

anonymous · Answer

But I assume the functions with regards to profit would refer quadratic or polynomial equations because of its properties involving max and min.  Yes I agree with you completely.