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What is cost optimisation?

What's a good real-life example of a polynomial cost function?

  • In all textbook examples that explain how differentiation can be used to work out a profit optimisation problem, they always give something like the following: revenue function r(x) = 80x cost function c(x) = 40x + 0.25x² And you're then expected to work out the profit function and find the maximum accordingly. I have a hard time trying to figure out a real-world example of a polynomial cost function. In what cases would a cost function be a polynomial? Can you provide a simple realistic example?

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    In all textbook examples that explain how differentiation can be used to work out a profit optimisation problem, they always give something like the following: revenue function r(x) = 80x cost function c(x) = 40x + 0.25x² And you're then expected to work out the profit function and find the maximum accordingly. I have a hard time trying to figure out a real-world example of a polynomial cost function. In what cases would a cost function be a polynomial? Can you provide a simple realistic example?

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