Tribhuvan University
Faculty of Management
Office of the Dean
Bachelor of Business Management (BBM)
Course Description
:This course provides foundational concepts and application principles for Business Mathematics I in business management.
Course Objective
:The course introduces mathematical techniques through examples of their application to economic and business concepts. It also tries to get students tackling problems in economics and business using these techniques as soon as possible so that they can see how useful they are. The purpose of the course, then, is to present mathematical skills and concepts, and to apply them to ideas that are important to the management students. In addition, the course includes the basics of spreadsheet operations relating to solving equations, systems of equations, quadratic equations, matrices, the Mathematics of Finance and some numerical methods as well.
Course Contents:
Lecture hours show the approximate classroom time allocated to each unit.
Unit 1. Straight lines and Functions 6 hrs
Straight lines, Linear Functions, Applications: demand, supply, cost, revenue, Elasticity of demand, supply and income, Budget and cost constraints, Method of Least Squares; Lab. Work: Introducing Excel, Excel for linear functions.
Unit 2. Simultaneous equations 6 hrs
Simultaneous linear equations, Equilibrium and break -even, Consumer and producer surplus, the IS- LM model Lab. Work: Excel for simultaneous linear equations.
Unit 3. Quadratic Equations 7 hrs
Graphs of Quadratic Functions, Quadratic Equations, Applications to Economics; Lab. Work: Excel for quadratic equations.
Unit 4. Non-linear functions, their graphs and applications 10 hrs
- Cubic and other polynomial functions, Exponential functions, Logarithmic functions, Hyperbolic functions of the form a/(bx + c)
- Bisecton method, Newton-Raphson method for solving nonlinear equatons
- Lab. Work: Excel for non-linear functions
- Smart math calculator (software): Bisecton method, Newton-Raphson method.
Unit 5. Financial mathematics 10 hrs
- Arithmetic and geometric sequences and series
- Simple interest, compound interest and annual percentage rates, Depreciation, Net present value and internal rate of return, Annuities, debt repayments, sinking funds
- Relationship between interest rates and the price of bonds
- Lab. Work: Excel for financial mathematics.
Unit 6. Differentiation and applications 9 hrs
Slope of a curve and differentiation, Rules of differentiation, Differentiation and marginal analysis, Optimization for functions of one variable, Economic applications of maximum and minimum points, Curvature and other applications, Elasticity and the derivative; Lab. Work: Excel for applications of derivatives.
References:
Teresa Bradley, Essential Mathematics for Economics and Business, John Wiley & Sons Ltd Frank S. Budnick, Applied Mathematics for Business, Economics , and the Social Sciences , McGraw- Hill Ryerson, Limited. Ronald J. Harshbarger, James J. Reynolds , Mathematical Applications for the Management, Life, and Social Sciences, Houghton Mifflin Company. Vassilis C. Mavron, Timothy N. Phillips, Mathematics for Economics and Finance, Springer-Verlag. G. S. Monga, Mathematics for management and economics , Vikas Publishing House Pvt. Ltd., New Delhi. Mike Rosser, Basic Mathematics for Economists, Routledge Taylor & Francis Group Alpha C. Chiang, Fundamental Methods Of Mathematical Economics, McGraw-Hill, Inc. Srinath Baruah, Basic Mathematics and its Application in Economics, Macmillan India. A. B. Sthapit, P. M. Bajracharya and et al: Fundamentals of Business Mathematics , Buddha Academic Publishers & Distributors Pvt. Ltd., Nepal.