How do I find a minimum or maximum of my function?
First find the critical values of the function. This can be done by taking a derivative of the function and setting it equal to 0. Once you find you values you must apply the first derivative test to all the values to calculated. Take one specific value and solve the derivative for one number less than your critical value and one number greater than your critical value. You are mostly looking for the sign of these two evaluations (positive or negative). If the test goes from negative to positive, then this critical value is a minimum. Conversely, if it goes from positive to negative, then this critical value is a maximum. If neither is true, we say the test is inconclusive. Once you have the critical value, you can plug it back into the original to find the max/min point An example: Find the maximum or minimum of f(x)= (x^2)-4x Find derivative: f'(x) = 2x-4 Solve for f'(x)=0 ---> 2x-4= 0 -----> 2x =4 ----> x=2 Now apply first derivative test. I will solve f'(x) for x=1 and x=3 x=1 --> 2(1) - 4 = -2 x=3 --> 2(3) -4 = 2 Our test shows a negative to positive trend, showing that the point @ x=2 is a minimum of the function. Solving for the point: y = (2)^2 - 4(2) = -4 Minimum Point = (2,-4)
What are the measures of central tendency and how are they applied?
There are three measures of central tendency. These are the Mean, Median, and Mode. The Mode is the most frequent value in the data set. This is the least used measure because many data sets don't have a significant mode. Also, the mode can possibly lie at the edge of a data set, not the center. The Mean (or average) is the most commonly used central tendency. For large data sets it often is the most reliable and significant measure. Because of this, many statistical tests and processes involve using a mean. However, measures of the mean can be skewed by outliers, especially in small data sets. If the last statement is true, then the Median will be a better measure of central tendency. Medians aren't affected by the values on the edges of the data set, so they are more robust to outliers. Measures of the center of your data set are vital to statistics. As you go on, we will see almost every statistical computation we make will deal with a central measure,particularly the mean.
What is the difference between Raw Materials, Work In Process, and Finished Goods? How do I record this on a balance sheet?
These three names correspond to the three classes of inventory. Here's how to distinguish them. Raw Materials- Materials that have not been assigned to a production of a good or batch of goods. Work In Process- Materials that are currently being inputted into production of a batch of goods Finished Goods- A completed batch of goods that has not been received by an end user (supplier, customer etc) On the balance sheet, we would record our values for each inventory class under the inventory section of our assets column