Essential Mathematics for Economics and Business

by Bradley, Teresa

• ISBN13: 9781118358290
• ISBN10: 1118358295
• Edition: 4th
• Format: Paperback
• Copyright: 2013-05-06
• Publisher: Wiley

Summary

Essential Mathematics for Economics and Business is established as one of the leading introductory textbooks on mathematics for students of business and economics. Combining a user–friendly approach to mathematics with practical applications to the subjects, the text provides students with a clear and comprehensible guide to mathematics. The fundamental mathematical concepts are explained in a simple and accessible style, using a wide selection of worked examples, progress exercises and real–world applications.

New to this Edition

• Fully updated text with revised worked examples and updated material on Excel and Powerpoint
• New exercises in mathematics and its applications to give further clarity and practice opportunities
• Fully updated online material including animations and a new test bank
• The fourth edition is supported by a companion website at www.wiley.com/college/bradley, which contains: Animations of selected worked examples providing students with a new way of understanding the problems Access to the Maple T.A. test bank, which features over 500 algorithmic questions Further learning material, applications, exercises and solutions.
• Problems in context studies, which present the mathematics in a business or economics framework.
• Updated PowerPoint slides, Excel problems and solutions.

"The text is aimed at providing an introductory-level exposition of mathematical methods for economics and business students. In terms of level, pace, complexity of examples and user-friendly style the text is excellent - it genuinely recognises and meets the needs of students with minimal maths background."
—Colin Glass, Emeritus Professor, University of Ulster

"One of the major strengths of this book is the range of exercises in both drill and applications. Also the 'worked examples' are excellent; they provide examples of the use of mathematics to realistic problems and are easy to follow."
—Donal Hurley, formerly of University College Cork

"The most comprehensive reader in this topic yet, this book is an essential aid to the avid economist who loathes mathematics!"
—Amazon.co.uk

Author Biography

Until 2012, Teresa Bradley lectured in mathematics and statistics at Limerick Institute of Technology, and has been involved for many years with the University of London on the external Diploma in Economics as well as the BSc in Economics, Business and Management.

Teresa Bradley is also author of Essential Statistics for Economics, Business and Management, published by John Wiley & Sons, Ltd. 

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Table of Contents

Introduction

CHAPTER 1 Mathematical Preliminaries

1.1 Some Mathematical Preliminaries

1.2 Arithmetic Operations

1.3 Fractions

1.4 Solving Equations

1.5 Currency Conversions

1.6 Simple Inequalities

1.7 Calculating Percentages

1.8 The Calculator. Evaluation and Transposition of Formulae

1.9 Introducing Excel

CHAPTER 2 The Straight Line and Applications

2.1 The Straight Line

2.2 Mathematical Modelling

2.3 Applications: Demand, Supply, Cost, Revenue

2.4 More Mathematics on the Straight Line

2.5 Translations of Linear Functions

2.6 Elasticity of Demand, Supply and Income

2.7 Budget and Cost Constraints

2.8 Excel for Linear Functions

2.9 Summary

CHAPTER 3 Simultaneous Equations

3.1 Solving Simultaneous Linear Equations

3.2 Equilibrium and Break-even

3.3 Consumer and Producer Surplus

3.4 The National Income Model and the IS-LM Model

3.5 Excel for Simultaneous Linear Equations

3.6 Summary

Appendix

CHAPTER 4 Non-linear Functions and Applications

4.1 Quadratic, Cubic and Other Polynomial Functions

4.2 Exponential Functions

4.3 Logarithmic Functions

4.4 Hyperbolic (Rational) Functions of the Form a/(bx + c)

4.5 Excel for Non-linear Functions

4.6 Summary

CHAPTER 5 Financial Mathematics

5.1 Arithmetic and Geometric Sequences and Series

5.2 Simple Interest, Compound Interest and Annual Percentage Rates

5.3 Depreciation

5.4 Net Present Value and Internal Rate of Return

5.5 Annuities, Debt Repayments, Sinking Funds

5.6 The Relationship between Interest Rates and the Price of Bonds

5.7 Excel for Financial Mathematics

5.8 Summary

Appendix

CHAPTER 6 Differentiation and Applications

6.1 Slope of a Curve and Differentiation

6.2 Applications of Differentiation, Marginal Functions, Average Functions

6.3 Optimisation for Functions of One Variable

6.4 Economic Applications of Maximum and Minimum Points

6.5 Curvature and Other Applications

6.6 Further Differentiation and Applications

6.7 Elasticity and the Derivative

6.8 Summary

CHAPTER 7 Functions of Several Variables

7.1 Partial Differentiation

7.2 Applications of Partial Differentiation

7.3 Unconstrained Optimisation

7.4 Constrained Optimisation and Lagrange Multipliers

7.5 Summary

CHAPTER 8 Integration and Applications

8.1 Integration as the Reverse of Differentiation

8.2 The Power Rule for Integration

8.3 Integration of the Natural Exponential Function

8.4 Integration by Algebraic Substitution

8.5 The Definite Integral and the Area under a Curve

8.6 Consumer and Producer Surplus

8.7 First-order Differential Equations and Applications

8.8 Differential Equations for Limited and Unlimited Growth

8.9 Integration by Substitution and Integration by Parts (website only)

8.10 Summary

CHAPTER 9 Linear Algebra and Applications

9.1 Linear Programming

9.2 Matrices

9.3 Solution of Equations: Elimination Methods

9.4 Determinants

9.5 The Inverse Matrix and Input/Output Analysis

9.6 Excel for Linear Algebra

9.7 Summary

CHAPTER 10 Difference Equations

10.1 Introduction to Difference Equations

10.2 Solution of Difference Equations (First-order)

10.3 Applications of Difference Equations (First-order)

10.4 Summary

Solutions to Progress Exercises

Worked Examples

Index