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f m < f m + h and f m < f m h as h 0

The maximum function value at a point is greatest in the immediate neighborhood where maximum occurs. A function has a relative maximum at a point x=m, if function values in the immediate neighborhood on either side of point are greater than the value at the point. To be precise, the immediate neighborhood needs to be infinitesimally close. Mathematically,

f m > f m + h and f m > f m h as h 0

Global minimum and maximum

Global minimum is also known by “least value” or “absolute minimum”. A function has one global minimum in the domain [a,b]. Global minimum, f(l), is either less than or equal to all function values in the domain. Thus,

f l f x for all x [ a , b ]

If the domain interval is open like (a,b), then global minimum, f(l), also needs to be less than or equal to function value, which is infinitesimally close to boundary values. It is because open interval by virtue of its inequality does not ensure this. What we mean that it does not indicate how close “x” is to the boundary values. Hence,

f l f x for all x ( a , b )

f l lim x a + 0 f x

f l lim x b 0 f x

Similarly, global maximum is also known by “greatest value” and “absolute maximum”. A function has one global maximum in the domain [a,b]. Global maximum, f(g), is either greater than or equal to all function values in the domain. Thus,

f g f x for all x [ a , b ]

If the domain interval is open like (a,b), then global maximum, f(m), also needs to be greater than or equal to function value, which is infinitesimally close to boundary values. It is because open interval by virtue of its inequality does not ensure this. Hence,

f g f x for all x ( a , b )

f g lim x a + 0 f x

f g lim x b 0 f x

Domain interval

Nature of domain interval plays an important role in deciding about occurrence of minimum and maximum and their nature. In order to understand this, we need to first understand that the notion of very large positive value and concept of maximum are two different concepts. Similarly, the notion of very large negative value and concept of minimum are two different concepts. The main difference is that very large negative or positive values are not finite but extremums are finite. Consider a natural logarithmic graph of log e x . It extends from negative infinity to positive infinity, if base is greater than 1. The function is a strictly increasing function in its entire domain. As such, it has not a single minimum or maximum. The extremely large values at the domain ends can not be considered to be extremum as we can always have function values greater or less than one considered to be maximum or minimum. This argument is valid for behavior of functions near end points of an open interval domain. There can always be values greater or smaller than one considered.

Definite sub-interval of logarithmic function

Definite sub-interval of logarithmic function

However, nature of graph with respect to extremum immediately changes when we define same logarithmic function in a closed interval say [3,4], then log e 3 and log e 4 are the respective local minimum and maximum. Incidentally since function is strictly increasing in the domain and hence in the sub-interval, these extremums are global i.e. end values of function are global minimum and maximum in the new domain of the function.

Questions & Answers

differentiate between demand and supply giving examples
Lambiv Reply
differentiated between demand and supply using examples
Lambiv
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Lambiv
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WARKISA
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Lambiv
multiple choice question
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appreciation
Eliyee
explain perfect market
Lindiwe Reply
In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
Ezea
What is ceteris paribus?
Shukri Reply
other things being equal
AI-Robot
When MP₁ becomes negative, TP start to decline. Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 • Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 • Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
Kelo
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Shukri
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Shukri
what is monopoly mean?
Habtamu Reply
What is different between quantity demand and demand?
Shukri Reply
Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
Ezea
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Fiker Reply
Economic growth as an increase in the production and consumption of goods and services within an economy.but Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
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Jabir
What do you think is more important to focus on when considering inequality ?
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sir...I just want to ask one question... Define the term contract curve? if you are free please help me to find this answer 🙏
Asui
it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
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In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50. A,Calculate quantities of x and y which maximize utility. B,Calculate value of Lagrange multiplier. C,Calculate quantities of X and Y consumed with a given price. D,alculate optimum level of output .
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Answer
Feyisa
c
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the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
Gsbwnw Reply
suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
Abdureman
types of unemployment
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What is the difference between perfect competition and monopolistic competition?
Mohammed
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Source:  OpenStax, Functions. OpenStax CNX. Sep 23, 2008 Download for free at http://cnx.org/content/col10464/1.64
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