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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. Topics 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 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 Differentiation Rules of differentiation Instantaneous rate of change interpretation Higher order derivative Second 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 Abbreviate functions Partial derivatives Interpreting partial derivatives 13 Optimization of abbreviate functions