essential mathematics for economics and business

[...]... This book is intended for students who are studying mathematics as a subject on economics, business or management courses The text assumes minimal mathematical background but demonstrates the usefulness and relevance of basic mathematics in economics and business To assist students, particularly those who are apprehensive about mathematics, the mathematical methods are set out and explained step by... the text may be printed from the PowerPoint presentations Mathematics is a hierarchical subject The core topics in most foundation mathematics courses (linear functions, non-linear functions, differentiation and integration) are covered in ESSENTIAL MATHEMATICS FOR ECONOMICS AND BUSINESS XVI Chapters 1, 2, 3, 4, 6 and 8 These provide the basis for the usual economic applications (Note: an introductory... instructor, then practising them over and over again, sometimes patiently, sometimes not! In the end, the new driver will be able to handle a car easily and effortlessly, as if it were second nature With these newly acquired skills life is enhanced with previously unavailable choices The new driver (with a car!) can xiv ESSENTIAL MATHEMATICS FOR ECONOMICS AND BUSINESS choose where to go, who to go... so that it may be retrieved quickly and easily from the web site as required Also available on the web site: • • Integration by substitution and parts with progress exercises and solutions (Chapter 8) PowerPoint slides: these slides present introductory material and a resume of certain topics from selected chapters xii • ESSENTIAL MATHEMATICS FOR ECONOMICS AND BUSINESS Instructors manual: this is... assistant See Hanson, and Mary Seddon, marketing manager and the production team at John Wiley Finally, thanks to Harry and Joe and our families for their support We bear full responsibility for all errors and omissions T.B and P.P This page intentionally left blank Mathematical Preliminaries At the end of this chapter you should be able to: • • • • • • • Perform basic arithmetic operations and simplify algebraic... fractions In multiplication, write out the fractions, multiply the numbers across the top lines and multiply the numbers across the bottom lines Note: Write whole numbers as fractions by putting them over 1 Terminology: RHS means right-hand side and LHS means left-hand side ESSENTIAL MATHEMATICS FOR ECONOMICS AND BUSINESS WORKED EXAMPLE 1.4 MULTIPLYING FRACTIONS Ca) 1 / 2 W 5 \ (2)(5)_10 ' VW (3)(7) 21... Z — 12 — Z Jiv 14 2_ 2\ -12/3P = –24 Solving Equations The solution of an equation is simply the value or values of the unknown(s) for which the left-hand side (LHS) of the equation is equal to the right-hand side (RHS) 8 ESSENTIAL MATHEMATICS FOR ECONOMICS AND BUSINESS For example, the equation, x + 4 = 10, has the solution x = 6 We say x = 6 'satisfies' the equation We say this equation has a unique... Euro and (b) yen 25 How many Euro are equivalent to 800 US dollars? 26 A flight is priced at 1200 Swedish kroner What is the equivalent price in Danish kroner? 27 Calculate a table of exchange rates for Hong Kong dollars for the first five currencies in Table 1.1 14 ESSENTIAL MATHEMATICS FOR ECONOMICS AND BUSINESS 28 A book is priced at 22 British pounds Calculate the equivalent price in Hungarian forints... zloty Hungarian forint Hong Kong dollar Singapore dollar Rate 1.3460 1.6988 3.7143 247.5000 6.8399 1.5607 10 ESSENTIAL MATHEMATICS FOR ECONOMICS AND BUSINESS WORKED EXAMPLE 1.7 CURRENCY CONVERSIONS (a) A book is priced at US$20 Calculate the price of the book in (i) Euro, (ii) British pounds and (iii) Australian dollars (b) How many British pounds are equivalent to (i) $500 Australian and (ii) $10000... cover And I thank Steve Hardman, publishing editor and Sarah Booth of John Wiley & Sons Ltd, Chichester Teresa Bradley A web site accompanies this book: www.wiley.co.uk/bradley2ed Many students who pursue the study of economics and business studies are surprised and perturbed when they discover that mathematics is a core subject on first-year courses However, a certain level of skill and understanding . class="bi x0 y0 w0 h0" alt="" Essential Mathematics for Economics and Business Second Edition This page intentionally left blank Essential Mathematics for Economics and Business Teresa Bradley Limerick . and integration) are covered in XVI ESSENTIAL MATHEMATICS FOR ECONOMICS AND BUSINESS Chapters 1, 2, 3, 4, 6 and 8. These provide the basis for the usual economic applications. (Note: . these slides present introductory material and a resume of certain topics from selected chapters. xii ESSENTIAL MATHEMATICS FOR ECONOMICS AND BUSINESS • Instructors manual: this is