Question

define or briefly explain the following:
a) Derivative
b) Objective function
c) Extreme or stationary values of a function
d) Decision variables
e) Critical values of a decision variable
f) Inflection point

Answer 1

a)

Derivative:

Derivatives is part of calculus , here relationship between variable is shown. It measures the sensitivity of one variable with respect to other. it helps to know that how does change in one variable affects another.

b)

Objective Function:

Objective function is associated with linear programming. Here function is either maximized or minimized. These functions could be related to profit, production or cost etc.

C)

Extreme value:

Extreme value refers to the extreme values of maximization or minimization.

d)

Decision Variables:

Decision variable are associated with the linear programming. These variables are under the supervision of decision makers.

e)

Critical values of a decision variable

Critical values are corners values that are beneficial in optimization techniques.

f)

Inflection point

it is point on curve where change in curvature occurs. here, curve changes from concave to convex and vice versa.