Business

Mathematics

Week 1
Study at campus and …..
No time and space limits
Basic Requirements
 “I Can” spirit
 Study hard before, during and after EACH classes.
 Lap top (web cam and mic) and internet connection
 E-Text book: Essential Mathematics for Economics
and Business (Teresa Bradley, ed 4)
 Scientific Calculator or install calculator emulator apps to
your smart phone
 Writing paper, pens and rulers.

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Why Business Maths
 Some main activities for running business are:
 Planning
 Making Decision
 The quality of those activities significantly make
different between success and failure.
 Running business will deal with complexity and
uncertainty.
 Maths & Stats as scientific methods can help to deal
complexity and uncertainty.
 Maths & Stats is requirements for many subjects.
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Using Learning Management System
 Precaution:
 Although this is online learning, you still need to attend the
classes at preset times for discussion and doing online quiz.
 [Link]
 Let’s open the syllabus
 Let’s open the required textbook: Essential Mathematics
for Economics and Business, Teresa Bradley, 4th edition.
 Any time during course session you can ask/discuss.
However you have to work the quiz individually!

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Using Scientific Calculator
 To measure your knowledge and skill on Business
Mathematics, you will do some quizzes and exams. You
have to answer correctly within certain time.
 You can use a scientific calculator or the e ready emulator
on your smart phone.
 Learn by yourself how to use it.

[Link]
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 Chapter 1:
Mathematical Preliminaries
 Almost topics already covered in your high school study
 The rest of the chapters mostly will not introduce new math
knowledge but how to apply the knowledge to problems on Business
and Economics
 Here are some topics on chapter 1 to be reviewed:
 Order of operations.
 Solving equations.
 Calculate the value of a function and draw/plot the graph.
 Determine the function given some data.
 Using Excel or gSheet

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Mathematical Preliminaries:
Order of operations: BEDMAS
 Bracket  Left to right
 (5+2)*3=21  Eliminate ambiguity while
 Exponents allowing notation to be as
 23*4=2^3*4=32 brief as possible
 Division or Multiplication
 5+2*3=11
 Accuracy
 5/2*3=7.5
 Rounding after final
`12
 = 12/2/3=2 operations
2∗3
10  1/3=0.3333
 =10/(2/5)=25  1/3*3=0.3333*3=0.9999 is
2/5
FALSE
 Sci Calculator can have long
 Addition or Subtraction operations

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Mathematical Preliminaries:
Solving equations
 One unknown in a linear equation
 5x-2=3x+8 → 5x-3x=8+2 → 2x=10 → x=10/2=5//
5𝑥−2 3
 =4 → (5x-2)*4=(3x+8)*3 → ……etc
3𝑥+8
 Two unknowns in two linear equations
 Given 5x-2y=3 and 3x+8y=4 find x and y
 One unknown in a quadratic equation
−𝑏± 𝑏2 −4𝑎𝑐
 Given 5x2-3x-2=7 find x (note: 𝑥1.2 = )
2𝑎
 One unknown in a exponential equation
 Given 1000=753e0.03x find x
 Given 500(1-e-0.3x)=400 find x
 Given 100=800/(1+790e-0.1x) find x

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Mathematical Preliminaries:
Solving equations
 One unknown in a exponential equation
 Given 1000=753e0.03x find x
 1000/753=e0.03x
 Ln(1000/753)=0.03x
 X=Ln(1000/753)/0.03
 X=9.4563

 Given 500(1-e-0.3x)=400 find x

 (1-e-0.3x)=400/500
 -e-0.3x=400/500-1
 e-0.3x=-400/500+1
 -0.3x=Ln(-400/500+1)
 X=Ln(-400/500+1)/-0.3=5.3647

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Mathematical Preliminaries:
Calculate the value of a function and draw/plot the graph

 Linear function
 y=5x-2 when 30 ≤ x ≤ 40
 Quadratic function
 y=-½ x2 +3x
 Exponential equations
 y=753e0.03x
 y=500(1-e-0.3x)
 y=800/(1+790e-0.1x)

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Plotting points on a graph
y-axis
4

3
(-2,3) (3,2)
2

1
x-axis
-4 -3 -2 -1 1 2 3 4 5
-1
origin
-2
(-3,-2) (2,-3)
-3
-4

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Finding a straight line function given 2 points
y-axis
4 y = mx + c
(3,4)
3
4 = m(3) + c
2
0.8 = m(-1)+c
(-1,0.8) 1 3.2 = 4m
x-axis m = 0.8
-4 -3 -2 -1 1 2 3 4 5
-1
origin
-2 4 = 0.8(3) + c
-3
c = 1.6
-4 The equation is:
y = 0.8 x + 1.6
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 Finding a straight line function
given 2 points (alternative solution)
y-axis
4
(3,4) m=(y2 – y1)/(x2-x1)
3 =(4-0.8)/(3+1)=0.8
2 c=y2-mx2
(-1,0.8) 1 =4-0.8*3=1.6
x-axis
-4 -3 -2 -1 1 2 3 4 5
-1
origin
-2
The equation is:
-3
y = 0.8 x + 1.6
-4

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 Finding a quadratic function
given 3 points (x,y)
Given A(1,7.5), B(2,9) and C(6,5)
find the quadratic function in the form: y=f(x)
Let y=ax2+bx+c
A: 7.5=a+b+c B: 9=4a+2b+c C: 5=36a+6b+c
A-B: -1.5= -3a -b
B-C: 4=-32a-4b
(a-B)4: -6=-12a-4b
10=-20a → a=-10/20=-0.5
-1.5=-3*-0.5-b → b=3*0.5+1.5=3
7.5=-0.5+3+c → c=7.5+0.5-3=5

The function is: y = -0.5x2+3x+5// 16

Simple Inequalities
 5 > 3 (5 is greater than 3) is the same as 3 < 5 (‘3 is less than 5’)
 10 < x − 12 → 10 + 12 < x → 22 < x (or x > 22)
 10 +x <= 2 x + 12 → x-2x <= 12-10 → -x<=2 → x>=-2
 -10/x>12 → 0>12+10/x → 0>(12x+10)/x
+ - +

-5/6 0
-0.8333<x<0
 Multiplying or dividing both sides by a negative number reverses the
inequality sign.

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Calculating Percentages

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Let’s try using google sheet