Optimization: profit | Applications of derivatives | AP Calculus AB | Khan Academy
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Published 2013-01-31
Who knows, you may end up running a shoe factory one day. So it might not be a bad idea to know how to maximize profits. Created by Sal Khan.
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All Comments (21)
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Khan Academy flexing on us with that artwork
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The only math teacher that knows how to draw
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if i hired a bunch of consultants why do i have to maximize the profit myself
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If you're looking for the question, here you go! :) You own a shoe factory and want to figure out how many thousands of pairs of shoes to produce in order to optimize your profit. Let x equals to thousands of pairs of shoes produced. Assume revenue as a function of x. You know a wholesaler who is willing to pay $10 per pair as for many pairs you produce. The consultants you hired had come up with the cost in a form of function of x, which is C(x) = x^3-〖6x〗^2+15x. Given the revenue and the cost, what is the profit you can obtain?
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Cool, this is similar to what I did in school this past semester, and it is very useful!
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@9:40 I don't know why, but I almost spit my food out laughing at this
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x increases from .4725 to 3.528; x decreases 3.528 to infinity. in this case, concave downwards means increase-max-decrease. it does not mean that slope is constantly decreasing. that would mean there is no critical point because the slope never flattens out.
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8:20 I’m an Economist and while I appreciate the math I learned and much of it points to the right intuition, there is almost never a cost function nor a production function or any of that stuff. We went into pretty heavy math with differential equations, Hessians, Jacobians and lots of stuff I don’t even remember that well, but with very little practical,use. Mot so Econometrics, which should receive a lot more emphasis.
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And in an actual setting how would you derive the cost function? Usually in business (furniture business) seems like more = always better
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That shoes look fire
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Studying for my exams lol... Thanks alot for the help
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Thanks for your insightful videos. Explained from the basics, these are very good and helpful. But how to find which group of videos this belongs to ? Also I am not able to find the order I should follow.
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khan saving me yet again
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How do you get cost function ? Or how do you make a cost function
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I imagine the cost is the relationship between wages, equipment run-time costs, shipping, stocking, taxes, marketing, loans (if needed), and various other miscellaneous overhead expenses. Excel probably has a spreadsheet for it.
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where is the question?
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what app do u use to record the screen and audio?
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Can you explain the cost function and where the numbers/variables came from ?
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can you explain why?
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I'm enamored with this. I had the pleasure of reading something similar, and I was truly enamored. "The Art of Saying No: Mastering Boundaries for a Fulfilling Life" by Samuel Dawn
