In a great many practical problems, we want to find the least amount of time, least cost, greatest benefit, optimum size, etc. In such problems, which are called optimization problems, we look for the maximum or minimum value of a function and the particular value of the variable that gives such a value. In this section, we outline a strategy to systematically attack optimization problems by using differential calculus.
Let’s summarize the strategy that we have applied to solve the examples of this section:
- Identify the dependent variable that needs to be maximized or minimized and every variable that plays a role in the problem. Assign appropriate letters to the variables and constants that remind you of their actual meaning.
- Write a primary equation that relates the variable which is to be optimized to the other variables.
- If the primary equation is a function of more than one independent variable, eliminate the extra variables and reduce the equation to one having a single independent variable. This may involve the use of secondary equations relating the independent variables of the primary equation. The discovery of the secondary equations is often facilitated by drawing a figure or two.
- Determine the domain of the independent variable. This domain may be smaller than the natural domain of the function because of limitations inherent to the problem.
- Test the critical points and endpoints of the domain. Use the First Derivative Test or the Second Derivative Test to classify the critical points.
For example, in the last example, the primary equation is