Optimization, Newton’s Method, & Profit Maximization: Part 3— Econometric Profit Maximization | by Jacob Pieniazek
Learn how to apply optimization & econometric techniques to solve an applied profit maximization problemAll Images by AuthorThis article is the 3rd, and final, in a 3 part series. In the 1st part, we studied basic optimization theory. Then, in pt. 2, we extended this theory to constrained optimization problems. Now, in pt. 3, we will apply the optimization theory covered, as well as econometric and economic theory, to solve a profit maximization problem.Suppose, as a data scientist working for your company, you are…