ECO1010

• What is the 1st derivative of a function used for?

  Finding an expression for the slope
• In terms of what variables is the 1st derivative expressed?

  Independent variables, e.g., x
• What defines a monotonic function?

  Always increasing or always decreasing
• What is the domain of a function?

  The set of allowable input values
• If f(x) is a function, what does f(x*) represent?

  Value of the function at critical point
• What is a critical point of a function?

  Where the 1st derivative equals zero
• What is a global maximum?

  Maximum point over the whole domain
• How does a local maximum differ from a global maximum?

  Not the highest maximum over the whole domain
• What does smoothness of a function indicate?

  No kinks in the function
• Why is it important to identify critical points in a function?

  To find local and global maxima