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Business Mathematics

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Business Mathematics

Business Mathematics is a core subject for the business students. Business mathematics is an important tool for solving the business problems in the area of finance, accounting, economics, production and general management, and sales and marketing. Differential and Integral calculus is used for a wide range of application like optimization, calculation of regular and irregular areas, curve sketching, maximization and minimization problems etc. The objectives of this course are to teach the various tools and techniques so that the students will be able to solve the various real life business problems.

 

This course covers the mathematical processes and techniques currently used in the fields of business and finance.  It includes a review of basic business math skills with particular emphasis on linear equations, system of linear equations, determinants, logarithmic and exponentials functions, percentages, interest, discounts, simple interest, compound interest, annuities, sinking fund, amortization, and optimization problems.

MAT 101(Intermediate university mathematics II)

  1. It is the student’s responsibility to gather information about the assignments and covered topics during the lectures missed. Regular class attendance is mandatory. Points will be taken off for missing classes. Without 70% of attendance, sitting for final exam is NOT allowed. According to IUB system students must enter the classroom within the first 20 minutes to get the attendance submitted.
  2. The date and syllabus of quiz, midterm and final exam is already given here, however, announcements will be given ahead of time. There is NO provision for make-up quizzes.
  3. The reading materials for each class will be given prior to that class so that student may have a cursory look into the materials.
  4. Class participation is vital for better understanding of sociological issues. Students are invited to raise questions.
  5. Students should take tutorials with the instructor during the office hours. Prior appointment is required.
  6. Students must maintain the IUB code of conduct and ethical guidelines offered by the School of Business.
  7. Students must refrain from any type of cheating and/or plagiarism in a course. Any student acting otherwise will receive an “F” grade in the course. School of Business, IUB, maintains a zero tolerance policy regarding violation of academic integrity.
  1. Students are not allowed to keep bags, handouts, books, mobile phones, smart watches or any other smart electronic devices with them during any exam. Students are advised to keep everything in the front of the class room before the exam starts. Please note that, just carrying any smart electronic devises (even if the devise is turned off or put it in silent mode) during the exam will be considered as “cheating”. Moreover, during the exam, anything written on hand palms (or anywhere else) and carrying paper materials (whatever is written) will be considered as “cheating”. Any sorts of “cheating” will result in an “F” grade with no exception. During the exam, students are only allowed to carry pen, pencil, eraser, sharpener, ruler, highlighter and calculator in a clear plastic bag.
Type of Evaluation Nos. Weight
Class Attendance and Participation 100% 5
Quiz (Best two will be counted) 4 30
Midterm Exam 01 30
Final Exam 01 35
Total   100%

[Class attendance is mandatory; failure to do so may result in the deduction of final marks]

The following chart will be followed for grading. This has customized form the guideline provided by the school of Business.

A A- B+ B B- C+ C C- D+ D F
90-100 85-89 80-84 75-79 70-74 65-69 60-64 55-59 50-54 45-49 0-44

* Numbers are inclusive

The course will be based mostly on the following books [some other books and journals may be referred time to time]:

  • Earl Bowen, Pritchett/Saber, Mathematics with application in Management and Economics (seventh edition), IRWIN

 

Link to virtual learning system: http://103.254.86.4/sb/ (School of Business – Faculty name- Login as a guest- password is 1234).

MORE READINGS:

  • Dowling, Introduction to mathematical economics, 3rd edition. Mc Graw Hill
  • M. Shahidul Islam, Business Mathematics, Abir Publications
  • Additional reading materials, cases and case study questions will be provided before the related sessions.
Sessions Topic Learning Outcomes Readings
Session -1 Introduction Introduction to Business Mathematics, Explanation of Course Outline Course Outline
Session -2 Linear Equation and Functions Concept of linear equations, coordinates, independent and dependent variables, slopes, intercepts. Prichett/John C. Saber

Chaper-01,

Pages 17-37

Session -3 Linear Equation and Functions Parallel and perpendicular lines, revenue cost and profit functions, Prichett/John C. Saber,

 Chapter-01

Pages 47, 53

 

Session -4 Linear Equation and Functions Break-even analysis. Applications problems

 

Prichett/John C. Saber

, Chapter-01

 

Pages 64-69

 

 

Session -5 System of Linear Equations

 

 

QUIZ-01

Systems, number of solution possible in a system (single solution)

 

 

Prichett/John C. Saber

, Chapter 2

 

Pages 71-75

 

 

Session -6 System of Linear Equations No solution and unlimited solution. Supply and demand analysis. Prichett/John C. Saber

, Chapter 2

 

Pages 76-87

 

 

Session-7 System of Linear Equations Application problems (Examples and Problem set) Prichett/John C. Saber

, Chapter 2

Pages 90-92

 

Session -8 System of Linear Equations Application problems (Examples and Problem set) Prichett/John C. Saber

, Chapter 2

Pages 92-93

 

Session -9 Matrix Algebra

 

Inverse matrix, solving linear equations with inverse matrix Shahidul Islam, Chapter 5

Pages 57-60

Session -10 Matrix Algebra

Quiz 2

Cramer’s rule for matrix solution. Application problems. Shahidul Islam, Chapter 5

Pages 61-79

 

Session -11 Matrix Algebra Cramer’s rule for matrix solution. Shahidul Islam, Chapter 5

Pages 80.

Session -12 Midterm Exam

 

 

 

 

 

 

Linear Equation and Functions, System of Linear Equations, Matrix Algebra Chapter- 1&2 (Prichett/John C. Saber)

Chapter 5    

(Shahidul Islam)

 

Session -13 Exponential and Logarithmic Functions Exponential functions and its properties, Logarithmic functions and its relationship with exponential functions, conversion to each other, Prichett/John C. Saber

, Chapter 5

Pages 354-372

Session -14 Exponential and Logarithmic Functions  Rules of logarithmic functions, use of the rules, natural and common logarithm. Prichett/John C. Saber

, Chapter 5

Pages 384-386

Session -15 Introduction to the Mathematics of Finance Simple interest and future value, Effective  rate: simple interest, compound interest rate and the future value, the conversion period, Compound discount: present value,  effective rate: compound interest, Ordinary annuities, Prichett/John C. Saber

, Chapter 6

Pages 387-410

Session -16 Introduction to the Mathematics of Finance Present values and future values,  Sinking fund payment Prichett/John C. Saber

, Chapter 6

Pages 411-424

Session -17 Introduction to the Mathematics of Finance Amortization payment; Deferred annuity Prichett/John C. Saber

, Chapter 6

Pages 425-436

Session -18 Introduction to differential calculus  Solving problems using different rules of differential calculus Prichett/John C. Saber,

Chapter 7

Pages 460-510

Session -19 Introduction to differential calculus

Quiz 3

Solving problems using different rules of differential calculus Prichett/John C. Saber,

Chapter 7

Pages 511, 514, 518

Session -20 Application of differential calculus (Maxima and Minima) Optimization of differential problems (concept of stationary points, local maximum and local minimum, end point maximum and minimum), Prichett/John C. Saber,

Chapter 8

Pages 522-530

Session -21 Application of differential calculus Finding coordinates of all optimum points using first, second and third derivatives. Prichett/John C. Saber,

Chapter 8

Pages 531-546

Session -22 Application of differential calculus

 

Finding coordinates of all optimum points using first, second and third derivatives , Application problems.

 

Prichett/John C. Saber,

Chapter 8

Pages 549-561

Session -23  Application of differential calculus (Maxima and Minima) Application problems.

 

Prichett/John C. Saber,

Chapter 8

Page 568

Session -24  Introduction to Integral calculus

Quiz 4

Indefinite and definite integration, Solve problems using different rules of integration. Prichett/John C. Saber,

Chapter 10

Pages 640-663

Session -25  Introduction to Integral calculus Application Problems Prichett/John C. Saber,

Chapter 10

Pages 685, 686, 694, 695

Session -26 Final Exam Chapter 5,6, 7, 8, and 10 Prichett/John C. Saber,

Chapter 5, 6,7, 8and 10

Students who are willing to audit the course are welcome during the first two classes and are advised to contact the instructor after that.

Plagiarism- that is the presentation of another person’s thoughts or words as though they were the students’ own – must be strictly avoided. Cheating and plagiarism on exam and assignment are unacceptable.

Please see the green book for further information about academic regulation and policies, including withdrawal and grading, apples and penalties for pilgrims and academic misconduct.

Students with disabilities are required to inform the School of Business/ Department of Economics of any specific requirement for classes or examination as soon as possible.