MATH 1324 Last revised Spring 2012
COMMON COURSE OBJECTIVES/LEARNING OUTCOMES
Mathematics for Business and Economics has five main mathematical topics: functions, matrices, linear programming, probability and statistics. The objectives of the course are for students not only to know the mathematics of these concepts, but also to be able to apply the concepts to analyze and interpret information in business and financial application problems.
Upon successful completion of this course a student will be able to:
1. Identify the basic graphs and properties of polynomial, rational, exponential, and logarithmic functions. Apply the knowledge of functions to business applications such as simple, compound or continuous compound interest, ordinary annuities, finding the maximum or minimum for quantities which are quadratic functions, and finding break even points.
2. Perform basic operations with matrices, and use matrix methods to solve systems of linear equations. Apply the knowledge of matrices to business problems such as inventory, production, and total cost.
3. Use geometric method to solve linear programming problems. Interpret information as an objective function with constraints, set up the linear programming problem, solve the problem and interpret the result in the context of the problem.
4. Use basic counting techniques and calculate probabilities, including conditional probabilities. Apply the mathematical knowledge of probability to business problems and interpret the results.
5. Calculate measures of central tendency and measures of dispersion. Apply the mathematical skills to problems in various business settings and interpret the results.