In: Economics
Calculate the Y values corresponding to the X values given below. Find the critical values for X for the given polynomial by finding the X values among those given where the first derivative, dy/dx = 0 and/or X values where the second derivative, d¬2y/dx2 = 0. Be sure to indicate the sign (+ or -) of dy/dx and of d2y/dx2 tabled values. Using the first and second derivative tests with the information you have calculated, determine which X value(s) represent maximums (MAX), which minimums (MIN) and which inflection points (INF). Label the qualifying X value as such. The beginning (-.333) and ending X values (1) below are not to be considered critical values.
write the first derivative (dy/dx or Y’). Set this equal to zero and solve for the X values that make it equal to zero. Also write the second derivative (d2y/dx2 or Y”). Set this equal to zero and solve for the X values that make it equal to zero. Complete the table.
Y = X3 –X2 +3
X |
-.333 |
-.25 |
0 |
.25 |
.333 |
.667 |
1 |
Y |
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dy/dx |
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d2y/dx2 |
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Label Point (MAX, MIN, INF) |
Use the nine X values and their Y values you found above (which include the critical values) to help neatly draw the graph of this polynomial function over the range of X values given.
For the function be , we have or and or or .
The table would be as below.
X | -0.333 | -0.25 | 0 | 0.25 | 0.333 | 0.667 | 1 |
Y | +2.8522 | +2.9219 | +3 | +2.9531 | +2.926 | +2.8519 | +3 |
+0.9987 | +0.6875 | 0 | -0.3125 | -0.3333 | 0 | +1 | |
-3.998 | -3.5 | -2 | -0.5 | 0 | 2.002 | 4 | |
Label Point | - | - | MAX | - | INF | MIN | - |
The critical values would be where or or or or . For X=0, we have, ie , meaning that we have a maximum at X=0. For X=0.667, we have , ie , meaning that we have a minimum at X=0.667.
The inflection point would be where or or .
The graph would be as below.
As can be seen, the curve is maximum at X=0, at a minimum at X=0.667 and at an inflection point at X=0.333 (inflection point is marked as the red-dot, which is where Y's curvature is changed).