Lecture 11- Optimisation using Calculus (Business Analytics).docx - Optimisation Using Calculus(Week 10 Introduction to Business Analytics Revenue =

Lecture 11- Optimisation using Calculus (Business Analytics).docx

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Optimisation Using Calculus (Week 10)- Introduction to Business Analytics Revenue = Price x Sales Possible Approaches Trial and Error - We could calculate revenue for many different prices and choose the one that yields the maximum revenue. Use calculator or Spreadsheet. Graphical Method - Plot the revenue as a function of Price and see for which price the revenue is maximised. Optimisation Software - If you have one - Easy options: Spreadsheet (offline) and WolframAlpha (online). Using Calculus - Find the rate of change of Revenue with respect to Price and set it equal to 0
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