MATHEMATICS FOR BUSINESS AND ECONOMICS-I

Course Description

This course is designed for students who study in the departments of Business and Economics in order to equip students with the knowledge and aspects of mathematics such as simple and compound interest, payroll, annuities, asset valuation, retail evaluation, linear programming. The intention behind this course is to teach students how to integrate key components of economic analysis into managerial decisions by using mathematical tools. Topics include: working with algebraic statements, power and indices, fractions, factorization, functions of one variable, linear and quadratic functions, solving linear and quadratic equations, sketching graphs of functions of one variable, linear and power functions, using linear models to model cost, revenue, profit, demand, supply, break-even points, and equilibrium points.

MATHEMATICS FOR BUSINESS AND ECONOMICS-I

Evaluation Tools (Active Term)

Course outcomes

1. 01 Understand the basic revision of mathematics skills
2. 02 Understand how graphs co-ordinates, interceptions are derived. FInd budget constraints and supply and demand curve of a goods
3. 03 Solve linear equation with more than two unknowns, understand market equilibrium, able to analysis cost, volume and profit and how to derive macroeconomics models
4. 04 Find graphical inequalities, simultaneous linear inequalities, objective function, and application linear programmimng
5. 05 Determine arithmetic, geometric progressions, compound interest, present values, Internal rates of return, annuities and economic growth

Course Syllabus

Reference Books & Course Materials

1. 01 Mathematics_for_Economics_and_Business by Ian Jacques

Learning Outcomes

1. L01 Understand the basic revision of mathematics skills
2. L02 Understand how graphs co-ordinates, interceptions are derived. FInd budget constraints and supply and demand curve of a goods
3. L03 Solve linear equation with more than two unknowns, understand market equilibrium, able to analysis cost, volume and profit and how to derive macroeconomics models
4. L04 Find graphical inequalities, simultaneous linear inequalities, objective function, and application linear programmimng
5. L05 Determine arithmetic, geometric progressions, compound interest, present values, Internal rates of return, annuities and economic growth

Program Outcomes

1. P01 PO1: Engaged in insightful thinking leading to self-learning and lifelong learning.
2. P02 PO2: Established a general knowledge of economics sufficient to work independently through specific learned techniques generated via individual efforts and study.
3. P03 PO3: Reached the required knowledge and skills to understand social, economic and legal issues both within national, international and global contexts and apply theoretical knowledge of economics to practice.
4. P04 PO4: Adopted the ability to critically evaluate, analyze and interpret information gathered through the use of related statistical software programs to suggest creative solutions for economic problems and make relevant economic decisions.
5. P05 PO5: Been aware of gathering and analyzing data through the application of appropriate technological tools in an ethical and safe manner in order to generate economic decisions and policy suggestions.
6. P06 PO6: Been equipped with conceptual and analytical skills essential for team-working and collaborations for economic decision making for a variety of economic concepts in national and global environment.
7. P07 PO7: Endowed with both oral and written communication skills within the economic field to effectively study and work in an international environment
8. P08 PO8: Been able to transfer theoretical knowledge to real life economic environment: to generate policies for microeconomic and macroeconomic problems faced by individuals, firms and governments at national, international and global context.
9. P09 PO9: Developed an ability to apply economic analysis to everyday problems in real world through the development of ethical perspectives and social responsibilities at work and in personal life.

Po-Lo Matrix