MATH 107 Applied Mathematics for Management (3)

Catalog Description:

Functions and graphs, mathematics of finance, matrices, simultaneous systems, linear programming, introduction to business calculus. Meets General Education Mathematical Sciences requirement. (Offered each semester.)


Prerequisites:

  1. Algebraic skills needed to solve inequalities and equations involving polynomial expressions.
  2. An understanding of the use of variables.
  3. Knowledge of basic properties of the real number system.
  4. The ability to use the Cartesian plane to plot and draw graphs.

Required Course Materials:


Jean Soper, Mathematics for Economics and Business, 2nd edition, Blackwell Publishing, 2004 (ISBN: 978-1-4051-1127-0)

Course Coordinator:


Samuel P. Wilcock, Ph.D., Associate Professor of Mathematics and Statistics

Course Audience:


Students pursuing a degree in some area of management and business or others who desire a better understanding of some of the quantitative aspects of business.

Course Objectives:


A student who successfully completes this course should be able:

  1. To use functions, graphs, basic calculus techniques, and linear programming to solve economic and business related problems.
  2. To use simple and compound interest appropriately.
  3. To solve financial problems involving annuity and amortization.
  4. To communicate mathematical concepts through written assignments oral presentations.

The following are the objectives of the course as a General Education course fulfilling the mathematical science requirement:

  1. To introduce students to the methods and philosophy of the mathematical sciences.
  2. To introduce students to at least one of the three mathematical sciences of computing, mathematics and statistics from a liberal arts perspective.
  3. To help students develop logical, analytical, and abstract thinking through quantitative problem solving activities.
  4. To integrate student use of the computer as a tool in the pursuit of the above objectives.

Topics:

  1. Lines: a) graphing and b) solving linear equations.
  2. Functions: a) domain and range, b) function composition, c) graphing, and d) use of functions in modeling business concepts.
  3. Interest: a) simple, b) compound, and c) effective rate of a loan.
  4. Annuities: a) present and future value, b) ordinary and annuities due, c) sinking funds, and d) amortization of a loan.
  5. Matrices: a) matrix multiplication and addition, b) matrix inverses, and c) representation of a system of equations.
  6. Linear programming: a) geometric approach and b) simplex method.
  7. Solutions of systems of linear equations: a) Gauss-Jordan method, b) elimination of variables, and c) use of the computer.

 

Revised: October 2013 (textbook & objectives); February 2013 (text update)

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