6.1 Introduction
The derivative of a function gives the rate at which a quantity changes. Beyond slopes of curves, derivatives are used to:
- Study real-life changes in quantities like velocity, population, or cost
- Identify where functions increase or decrease
- Find maximum or minimum values in practical problems
This chapter focuses on applications of derivatives in various scenarios.
6.2 Rate of Change of Quantities
- The derivative dxdy gives the instantaneous rate of change of y with respect to x.
- Examples:
- Velocity is the rate of change of displacement: v=dtdx
- Marginal cost is the rate of change of total cost with respect to quantity: MC=dqdC
Derivatives are a mathematical tool to measure change.
6.3 Increasing and Decreasing Functions
- Increasing Function: f′(x)>0 → the function rises as x increases
- Decreasing Function: f′(x)<0 → the function falls as x increases
Critical points occur where f′(x)=0. These points are used to determine maxima, minima, or points of inflection.
6.4 Maxima and Minima
🔹 Local Maximum and Minimum
- Local Maximum: f(x) is larger than values nearby
- Local Minimum: f(x) is smaller than values nearby
🔹 Steps to Find Maxima/Minima
- Find the derivative f′(x)
- Solve f′(x)=0 → critical points
- Use second derivative test:
- f′′(x)>0 → Local Minimum
- f′′(x)<0 → Local Maximum
- Alternatively, use the first derivative test by checking sign changes of f′(x)
🔹 Real-Life Applications
- Economics: Maximize profit, minimize cost
- Physics: Max height of a projectile
- Engineering: Optimize dimensions for efficiency
✅ Key Points to Remember
- Derivatives measure rate of change
- f'(x) > 0 → increasing, f'(x) < 0 → decreasing
- Critical points (f′(x)=0) help find maxima or minima
- Second derivative test is a reliable method for optimization problems