Question

DISCUSS: Maximum and Minimum Values In Example 9 we saw a real-world situation in which the maximum value of a function is important. Name several other everyday situations in which a maximum or minimum value is important.

Short answer

Several everyday situation in which minimum is important are gas bill, electricity bill

Step-by-step solution

Step 1. Derivative concept to obtain maxima or minima.

To obtain the values minimum or maximum values the first derivative is zero and second derivative is positive and negative respectively

Step 2. check for first derivative.

The first derivative is equals to be zero in order to get the point of maxima and minima

Step 3. substituting the values to be positive and negative.

If positive case of minimum and if negative case of maximum