00:01
Okay, so suppose i have my cost function here.
00:02
I wanna find my minimum marginal cost.
00:06
Okay, let's break this down.
00:08
So marginal cost i know is found by finding the first derivative.
00:13
To find the minimum is kind of like finding the critical point of my first derivative.
00:22
So finding the critical point involves taking the derivative so ultimately this means i'm gonna have to find the derivative of my first derivative or my second.
00:31
But in order to find my second derivative, instead of equal to zero, i'm gonna need to find my first derivative.
00:36
First derivative i could just do the product rule.
00:39
Derivative of five x to the third, bring down that three.
00:43
Five times three is 15 x squared minus, bring down that two, four times two is eight, subtract one from the exponent.
00:52
Derivative of 11 x is 11, derivative of one is zero.
00:56
But now i need to find my second derivative...