Course Description
Course Objectives
The purpose of this course is to provide basic knowledge of algebra, equations and functions for business applications. The course also attempts to impart the knowledge of mathematics of finance, systems of linear equations and matrices to handle various problems related to business and economics.
Course Description
This course starts with basic topics of algebra. Unit I and II cover sets and real numbers, linear equations and functions and their applications. Unit III is concerned with quadratic and other special equations and functions. The exponential and logarithmic equations and functions will be covered in Unit IV. Unit V is devoted exclusively to matrix and determinant whereas Unit VI is devoted to mathematics of finance.
Course Outcomes
By the end of this course, students should be able to:
- understand basic algebraic skills and their applications;
- apply different set operations to solve the related problems;
- express and solve business related problems by using equations and inequalities;
- understand the concept of function and visualize the graphs of various types of functions;
- understand the time value of money and solve the problems related to appreciation, depreciation, annuities;
- apply matrix operations to solve the problems related to business and economics.
Unit Contents
Course Contents
Unit I: Algebraic Concepts 10 hours
Integral Exponents, Radicals and Rational Exponents, Operations with Algebraic Expressions, Factoring, Algebraic Fractions, Permutation and combination, Sets, Real Numbers.
Unit II: Linear Equations and Functions 8 hours
Linear Equations and Inequalities in One Variable, Functions, Linear Functions, Graphs and Graphing Utilities, Graphical Solutions of Equations, Solutions of Systems of Linear Equations (up to Three Equations in Three Variables), Applications of Functions in Business and Economics (Total Cost, Total Revenue, and Profit; Break-Even Analysis; Supply, Demand, and Market Equilibrium).
Unit III: Quadratic and Other Special Equations and Functions 6 hours
Quadratic Equations (Factoring Methods, the Quadratic Formula), Quadratic Inequalities, Quadratic Functions: Parabolas, Business Applications of Quadratic Functions (Supply, Demand, and Market Equilibrium; Break-Even Points and Maximization), Special Functions and Their Graphs, Polynomial and Rational Functions, Piecewise Defined Functions, Modeling; Fitting Curves to Data with Graphing Utilities.
Unit IV: Exponential and Logarithmic Equations and Functions 6 hours
Exponential Functions, Modeling with Exponential Functions, Logarithmic Functions and Their Properties (Logarithmic Functions and Graphs, Properties of Logarithms, Change of Base), Modeling with Logarithmic Functions, Solution of Exponential Equations, Applications of Exponential and Logarithmic Functions (Growth and Decay, Economic and Management Applications, Gompertz Curves and Logistic Functions).
Unit V: Matrices and Determinant 8 hours
Matrices, Matrix operations, Matrix equations, Determinant, Inverse of a Matrix, Cramer’s Rule, Leontief Input-Output Models.
Unit VI: Mathematics of Finance 10 hours
Simple Interest (Simple Interest, Arithmetic Sequences), Compound Interest (Compound Interest, Geometric Sequences), Future Value of Annuities (Ordinary Annuities, Annuities Due), Present Values of Annuities (Ordinary Annuities, Annuities Due, Deferred Annuities), Loans and Amortization (Unpaid Balance of a Loan).
Text and Reference Books
Basic Text
Harshbarger, R. J., & Reynolds, J. J. Mathematical Applications for the Management, Life, and Social Sciences. USA: Brooks Cole
References
- Budnick, F. S. Applied Mathematics for Business Economics and the Social Sciences. New Delhi: Tata McGraw-Hill.
- Shrestha, K. K., & Thagurathi, R. K. Applied Mathematics. Kathmandu: Buddha Academic Enterprises.
