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COURSE STUDY GUIDE OF BUSINESS MATHEMATICS

COURSE INTRODUCTION

This course covers the basic mathematical concepts associated with respect to business studies such as Economics and Finance. The course focuses on how to use real world equations and functions from in solving the issues in pertaining to commerce and business. The emphasis is placed on the improvement of students' quantitative skills. At the end of the course the students will possess heightened ability to manipulate and solve different types of equations especially from an algebraic perspective. The objective of the course is to enable the students to understand and employ mathematical tools in order to solve the day to day problems in business and finance. Apart from the class room activities, the students would be given assignments and surprise quizzes related to the topics discussed in the previous classes. A selection of key readings is given for each session. You will be given additional readings to follow up the sessions.

COURSE OUTLINE

WEEK
Topics
1
Mathematical functions
Domain and range considerations
Restricted domain
2
Types of mathematical functions and their applications

Linear function, quadratic, logarithmic and
exponential functions

Revenue, Cost and profit functions
3

Interest rate and its computation
Simple interest Compound interest
4
Single payment computations
Compound amount
Present value
Effective interest rate
5
Annuities: Future value and present value
The sum of an annuity
Determining the size of an annuity
Present value of annuity
Mortgages
6
The Calculus
Limits of a function
Properties of limits and continuity
Average rate of change and instantaneous rate of change
7
Differentiation
Rules of differentiation
Instantaneous rate of change interpretation
8
MID TERM EXAM
9
Higher order derivative
Second order derivative
Higher order derivative
10
Optimization methodology
Concavity and inflexion points
Concavity from a different perspective
Relative maxima and minima
2nd derivative test
When 2nd derivative test fails
When the domain is restricted
11
Applications of optimization
Revenue, cost and profit applications
Additional applications
12
Bivariate functions
Partial derivatives
Interpreting partial derivatives
13
Optimization of bivariate functions
Critical points
Applications of bivariate functions
14
Integral calculus

The anti-derivative concept
Revenue and cost functions
Rules for integration
15
Applications of integral calculus
Area between a function and the x axis
Area between curves
16
Final Examination
17
FINAL TERM EXAM

READINGS
Week 1
Mathematical functions
Key readings
Applied Mathematics for Business, Economics and Social Sciences, 4th edition byFrank S. Budnick. Chapter No 4. Further supportive material
http://www.zweigmedia. com/Real World/tutorialsf0/frames 1_4B.html http://www.zweigmedia.com/RealWorld/tutorialsf0/frames 1_4.html Week 2
Types of mathematical functions and their applications
Key readings
Applied Mathematics for Business, Economics and Social Sciences, 4th edition by Frank S. Budnick. Chapter No 5,6,7. Further supportive material http://www.stevetoner.com/cam/exponents/exponents.html http://www.stevetoner.com/cam/graph_parabolas_part_1/graph_parabolas_part_1 .html http://www.khanacademy.org/video/quadratic-functions

1 ?playlist=Algebra%20I%20Worked%20Examples http://www.khanacademy.org/video/focus-and-directrix-of-a-parabola-2?playlist=Algebra Week 3
Interest rate and its computation
Key readings
Applied Mathematics for Business, Economics and Social Sciences, 4th edition byFrank S. Budnick. Chapter No 8

Further supportive material
http://www.youtube.com/watch?v=4aCdfgl6kB4 ....
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