Example of absolute maximum or absolute minimum problem in economics?

[Tom2013]

What is an example of an absolute maximum or absolute minimum problem in economics?
Thank you

 

[mmm4444bot]

Check out some of these results. The one at this page looks like a good example. :cool:

 

[JeffM]

What is an example of an absolute maximum or absolute minimum problem in economics?
Thank you

Suppose price is $100 per unit, capacity is 100K units, and total cost c of u in K units is given by

\(\displaystyle c = 310u - u^2 - 10800,\)

and the total profit is

\(\displaystyle 0 \le u \le 100 \implies p = -210u + u^2 + 10800.\)

At what value of u is -210u + u^2 + 10800 maximized?

So what is the profit maximizing scale of production?