In this book, the concept of the derivative of a function has been introduced, and its application in economics has been described. However, the primary use of the derivative in economic analysis is related to the process of optimization. Optimization is defined to be the process of determining the local or relative maximum or minimum of a function.
CITATION STYLE
Maxima and Minima. (2007). In Elements of Mathematics for Economics and Finance (pp. 137–158). Springer London. https://doi.org/10.1007/978-1-84628-561-5_7
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