Course description
This course will cover the mathematical interpretation of fundamental business economic concepts with applications to managerial decision-making. Topics covered will include linear and non-linear equations, time value of money, marginal and break-even analysis, and introduction to statistics.
Course content
[approximate time allocation in weeks]
- [2] Algebra Review: ratio, proportion and percent, linear equations and inequalities, factoring, exponents and radicals, polynomials, quadratic equations, problem-solving logic (and, or, else, also, etc.).
- [1] Graphing of Linear Functions: including use of slope and intercept.
- [1] Graphing of Quadratic Functions: including vertex, maximum/minimum, intercepts.
- [1] Deriving and Graphing Exponential and Log Functions: exponential growth, logs to base 2, 10, e, change of base formula.
- [4] Time Value of Money: simple and compound interest, ordinary simple annuities (PV, FV, PMT, i, n), nominal, effective, equivalent rates, amortization, sinking funds, financial calculator applications, timelines.
- [1] Systems of Linear Equations: intersections of lines (in 2 and 3 variables).
- [2] Cost-Volume-Profit Analysis: break-even by volume, percent capacity, and $ value, linear and quadratic (parabolic functions).
- [1] Statistics: mean (single and grouped data), median, mode, range, standard deviation (sample and pop), Coefficient of Variation, Normal distribution, Empirical Rule.
- [1] Graphing Data: bar, pie, and line graphs, setting scale.
Learning outcomes
The student will be able to:
- Demonstrate the ability to algebraically derive and solve equations in functional and general form for problems in business.
- Demonstrate the ability to solve financial problems involving calculation of present and future value, payments, interest rate and compounding periods.
- Demonstrate the ability to determine break-even and equilibrium positions for problems (linear and non-linear) in business.
- Demonstrate the ability to organize and present data, and calculate descriptive statistics for single and grouped data.
Textbook materials
Harshbarger, R.J. and Reynolds, J.J. Mathematical Applications for the Management, Life and Social Sciences, Latest Edition, Houghton Mifflin.
One of the following Business Calculators:
Texas Instruments BAII+
Texas Instruments BA35
Hewlett Packard 10B
Sharp EL-733a