Learning Outcomes:
On completion of this module the student is expected to be able to:
Graph polynomial functions, and the exponential and natural logarithm functions and analyse their graphs.
Be able to use polynomials in supply/demand analysis.
Determine interest, present values and future value of shares and deposits.
Explain the concept of the derivative and differentiate products, quotients and compositions of the functions listed above.
Optimise functions of one real variable.
Find the partial derivatives of functions of several variables.
Optimise functions of two variables, with and without constraints.
Use the optimisation techniques to maximise/minimise production/costs.
Add and multiply appropriate matrices and describe the concept of identity matrix and invertible matrix and find the inverse of a 2x2 matrix where possible.
Model problems in business and apply mathematical techniques to find and interpret a solution.
Indicative Module Content:
1 - Linear and Quadratic Functions with Applications to Business
Section 1.1 - Functions
Section 1.2 - Linear Functions
Section 1.3 - Quadratic Functions
Section 1.4 - Supply and Demand Analysis
Section 1.5 - Revenue, Cost and Profit Analysis
2 - Exponential and Natural Logarithm Functions with Applications to Business
Section 2.1 - The Exponential Function
Section 2.2 - Percentages and Compound Interest
Section 2.3 - The Natural Logarithm Function
Section 2.4 - Continuously Compounded Interest
3 - Differentiation with Applications to Business
Section 3.1 - Differentiation
Section 3.2 - Marginal Analysis
Section 3.3 - Elasticity
4 - Optimisation with Applications to Business
Section 4.1 - Optimisation
Section 4.2 - Optimisation with Applications to Business
5 - Functions of Several Variables with Applications to Business
Section 5.1 - Partial Differentiation
Section 5.2 - Optimisation of Functions of Two Variables
Section 5.3 - Lagrange Multipliers
6 - Matrices
Section 6.1 - Matrix Algebra
Section 6.2 - Invertible Matrices