Discuss a real-world application of the use of calculus-based derivatives for maximizing profits.
In your initial post, clearly describe the profit function (mathematical expression, e.g., P(x) = -7x^3 + 11x^2 + x – 23) and how the first derivative of this function will help you identify the maximum profit. Clearly define the function, its variable, domain, and range. Note that there are two ways of maximizing profit: (1) maximizing the profit function, (2) either maximizing revenue or minimizing cost. Thus, if you do not have a profit function, you could work with the revenue or cost functions instead.
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