# 5.6 Minimum and maximum values  (Page 4/6)

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Above argument is valid for all continuous function which may have varying combination of increasing and decreasing trends within the domain of function. The function values at end points of a closed interval are extremums (minimum or maximum) - may not be least or greatest. In the general case, there may be more minimum and maximum values apart from the ones at the ends of closed interval. This generalization, as a matter of fact, is the basis of “extreme value theorem”.

## Extreme value theorem

The extreme value theorem of continuous function guarantees existence of minimum and maximum values in a closed interval. Mathematically, if f(x) is a continuous function in the closed interval [a,b], then there exists f(l) ≤ f(x) and f(g) ≥ f(x) such that f(l) is global minimum and f(g) is global maximum of function.

As discussed earlier, there at least exists a pair of minimum and maximum at the end points. There may be more extremums depending on the nature of graph in the interval.

## Range of function

If a function is continuous, then least i.e. global minimum, “A” and greatest i.e. global maximum, “B”, in the domain of function correspond to the end values specifying the range of function. The range of the function is :

$\left[A,B\right]$

If function is not continuous or if function can not assume certain values, then we need to suitably analyze function and modify the range given above. We shall discuss application of the concept of least and greatest values to determine range of function in a separate module.

## Determining minimum and maximum values

There are three cases for determining minimum and maximum values. However, we should clearly underline that these methods give us relative minimum and relative maximum values – which may or may not be the greatest (global) or least (global) values. We need to interpret minimum and maximum in the context of specified domain to ascertain whether minimum and maximum are least and greatest respectively or not?

(i) function is differentiable in the domain of function.

(ii) function is continuous in the domain of function

(iii) function is discontinuous at certain points in the domain of function.

## Function is differentiable

The derivative of function exists for all values of x in the domain. In this case, we follow the algorithm given here (without proof- its proof is based on Taylor’s expansion) :

1: Determine first derivative.

2: Equate derivative to zero.

3: Solve equation obtained in the step 2 for x.

4: If there is no real solution of equation, then function has no minimum or maximum.

5: If there is real solution of equation, then determine second derivative. Put root values in the expression of second derivative one after another and see whether second derivative is non-zero. If second order derivative is positive non-zero, then function is minimum at that root value. On the other hand, if second order derivative is negative non-zero, then function is maximum at that root value. We should note that these conclusions are valid for all higher even derivatives, which we might need to evaluate.

List and explain four factors of production
capital labour entrepreneur natural resources
Thembi
What is supply
when the supply decreases demand also decreases
Thembi
types of demand and the explanation
what is demand
other things remaining same if demend is increases supply is also decrease and if demend is decrease supply is also increases is called the demand
Mian
if the demand increase supply also increases
Thembi
you are wrong this is the law of demand and not the definition
Tarasum
Demand is the willingness of buy and ability to buy in a specific time period in specific place. Mian you are saying law of demand but not in proper way. you have to keep studying more. because its very basic things in Economics.
Hamza
what is commercialization?
How to talk loan for bank?
what is the meaning of gpa?
Answer: GPA stands for Grade Point Average. It is a standard way of measuring academic achievement in the U.S. Basically, it goes as follows: Each course is given a certain number of "units" or "credits", depending on the content of the course.
Yusuf
what is small and Microbuisenes
What is fiscal policy
Dansofo
Who is the funder of Economic
Dansofo
founder , that is Adam Smith
Daniel
what is model
The wealth of Nations
the wealth of nations, is it the first?
Umar
Yes very sure it was released in 1759
Yusuf
thank you Yusuf.
Umar
then when did he died?
Umar
17 July 1790 Born: 16 June 1723, Kirkcaldy, United Kingdom Place of death: Panmure House, Edinburgh, United Kingdom
Yusuf
1790
Yusuf
that's my today questions, thank you Yusuf it's bed time see u after.
Umar
what is fiscal policy
what's mode?
mode is the highest occurring frequency in a distribution
Bola
mode is the most commonly occurring item in a set of data.
Umar
Please, what is the difference between monopoly and monopsony?
is there monopsony word?
Umar
I have no idea though
Umar
Umar
monopsony is when there's only one buyer while monopoly is when there's only one producer.
Bola
who have idea on Banter
Ibrahim
Bola
Monopoly is when there's excessively one seller and there is no entry in the market while monopsony is when there is one buyer
kemigisha
Adam smith was born in 1723
Bola
(uncountable) Good humoured, playful, typically spontaneous conversation. verb (intransitive) To engage in banter or playful conversation. (intransitive) To play or do something amusing. (transitive) To tease mildly.
Umar
which book Adam smith published first? the first book of Adam smith pls.
Umar
wealth on nation, 1776
Daniel
what is market power and how can it affect an economy?
market power:- where a firm is said to be a price setter.market power benefits the powerful at the expense of others.
Umar
Market power refers to the ability of a firm (or group of firms) to raise and maintain price above the level that would prevail under competition is referred to as market or monopoly power. The exercise of market power leads to reduced output and loss of economic welfare
Kartheek
find information about the national budget
Molahlegi
three branches of economics in which tourism is likely to figure
What are those three branches?
IlRegno
in a comparison of the stages of meiosis to the stage of mitosis, which stages are unique to meiosis and which stages have the same event in botg meiosis and mitosis
What is power set
Period of sin^6 3x+ cos^6 3x
Period of sin^6 3x+ cos^6 3x