Business Math



Business Math

Introduction

Profit function in microeconomics and especially in theory of the firm, a mathematical function that indicates for given price of factors of production as well as for a given sales price of the goods produced, what is the maximum achievable gain of a company.

Discuss at least two "real world" examples in which you use estimation in your daily life

Estimating waiting times/delays and planning a journey time are the most real world examples in which we can estimation in our daily life. The profit function given in the question is a parabolic function with a maximum point. Usually quadratic ...