Mathematics for Economics and Business I: The aim of the courses is that the student be familiar with a wide variety of mathematical concepts. 1. The rate of change of function, Equations for lines, Functions and graphs, absolute values, limits continuity. 2. Derivates. 3. Applications of derivatives. Curve Sketching, Maxima and Minima, The Eigen value theorem. 4. Integration, Indefinite Integrals, Definite Integrals, Applications of Definite Integrals. 5. Transcendental functions Inverse Functions, Exponential and Logarithmic Functions. 6. Mathematics of Finance. 7. Introduction to Probability and statistics.
To provide students with solid training in fundamental theories in both mathematics and economics. To equip students with quantitative reasoning skills, conceptual understanding, and the ability to effectively communicate in mathematics and in the language of economics and social science.
| Week | Topics |
|---|---|
| 1 | Introduction to algebra, graphs of linear equations. 1. Revision program of high school for algebra and functions. Linear functions, quadratic functions, and their graphs. Study, thinking and reasoning over the real economic problems and their solution. Book: Jan Jacque: Mathematics for Economics and Business. Ninth edition 2018. Chapter 1, sections 1.1, 1.2, and 1.3, pages 5-39. |
| 2 | Solution of simultaneous equations. Transposition formula. 2. Revision of the methods of the solution of simultaneous equations of two variables. Applications of these systems to solve real economic problems. Book: Jan Jacque: Mathematics for Economics and Business. Ninth edition 2018. Chapter 1, sections 1.4, 1.6, pages 55-66, and 84-91 |
| 3 | Supply and demand analysis. 3. Analyze of the two important economic functions, supply and demand functions, in their simplest forms, as linear functions. Analyze the market equilibrium and finding it to the real economic problems. Book: Jan Jacque: Mathematics for Economics and Business. Ninth edition 2018. Chapter 1, sections 1.5, and 1.7, pages 67-83 and 93-108. |
| 4 | Quadratic functions. 4. Analyze in details the quadratic function, given by formula y = ax2 + bx + c. especially the study will be for “negative a” case. Just this case is related with total revenue function and the profit function. Book: Jan Jacque: Mathematics for Economics and Business. Ninth edition 2018. Chapter 2, section 2.1, pages 121-138 |
| 5 | Revenue cost and profit. 5. Study in details the economic functions of the total revenue, total cost and the profit in their simplest forms, as linear and quadratic functions. Analyze the break-even points, and intervals of the values of “Q” where the profit is positive number. Book: Jan Jacque: Mathematics for Economics and Business. Ninth edition 2018. Chapter 2, section 2.2 pages 140-150. |
| 6 | Indices and logarithms. 6. Revision of the powers and logarithms and study them in details for applications on the solution of the economic problems using computer for numerical calculations of powers and logarithms. . Book: Jan Jacque: Mathematics for Economics and Business. Ninth edition 2018. Chapter. Book: Jan Jacque: Mathematics for Economics and Business. Ninth edition 2018. Chapter2, section 2.3 pages 151-171. |
| 7 | Midterm Exam |
| 8 | Exponential and natural logarithmic functions. 7. Revision material done on the high school program and study in details the exponential and logarithmic function. These functions will study for their applications on finance for calculating savings and loans. Book: Jan Jacque: Mathematics for Economics and Business. Ninth edition 2018. Chapter 2.4 pages 172-188. |
| 9 | Percentages. 8. Study in details percentages for its applications on sales and on index number. The index numbers are “numbers without unit”, that shows the trendy of the data. Data given as index number must understand well and used well, too. They are very useful on the presentation of the economic data. Book: Jan Jacque: Mathematics for Economics and Business. Ninth edition 2018. Chapter 3, section 3.1 pages 197-225. |
| 10 | Compound Interest. 9. Learn everything about the interest rates used on the banking system and in finance. Study in details present and future values in compound and continuous compound interests. Calculations of monthly payments of the loans and annuity. Book: Jan Jacque: Mathematics for Economics and Business. Ninth edition 2018. Chapter 3, section 3.2 pages 216-229. |
| 11 | Geometric series. 10. Revision and study in details, the arithmetic and geometric sequences, and geometric series. Application on loans and savings on a long period of time. Learn to solve exercises from real bancs activity, mainly for loans and savings. Book: Jan Jacque: Mathematics for Economics and Business. Ninth edition 2018. Chapter 3 section 3.3, pages 230-240. |
| 12 | Investments appraisal. 11. Study the evaluation of the investments. Is known that, investments are the most important part of every economic activity. The economic activity increases its profit when it uses right evaluated investments. The usage of the non-correct investment appraisal can destroy entirely an economic activity. Learn to solve problems and exercises for evaluating the projects and investment appraisal. Book: Jan Jacque: Mathematics for Economics and Business. Ninth edition 2018. Chapter 3, section 3.4 pages 241-256 |
| 13 | Exercises. 12. Revision of the most important topics from chapters 1, 2, and 3. On the book multiple choice exercises at the end of every chapter. Book: Jan Jacque: Mathematics for Economics and Business. Ninth edition 2018. End of chapters 1, 2, 3 pages 112-115, 189-192, 259-262 |
| 14 | Revision. 13. Revision and exercises of all material studied during the semester, and preparation for the final exam. On the book examination questions at the end of every chapter Book: Jan Jacque: Mathematics for Economics and Business. Ninth edition 2018. End of chapters 1, 2, 3 pages 116-120, 193-196, 263-266. |
| Method | Qty | % Each |
|---|---|---|
| Midterm Exam(s) | 1 | 35 |
| Quiz | 2 | 5 |
| Final Exam | 1 | 45 |
| Attendance | 10 |
Ian Jacques, Mathematics for Economics and Business, Pearson ninth edition 2018