Essential Mathematics for Economics and Business, 3rd Edition

by Teresa Bradley (Limerick Institute of Technology)

• ISBN13: 9780470018569
• ISBN10: 0470018569
• Edition: 3rd
• Format: Paperback
• Copyright: 2008-07-01
• Publisher: WILEY

Summary

Now established as one of the leading introductory texts for students studying these subjects, this new edition combines a non-rigorous approach to the subject with applications in economics and business. Fundamental mathematical concepts are explained as simply and briefly as possible, using a wide selection of worked examples, graphs and real-world applications.

Author Biography

Teresa Bradley lectures in mathematics and statistics at Limerick Institute of Technology, and has been involved with the University of London on the external Diploma in Economics as well as the BSc in Economics, Business and Management for many years.
Teresa Bradley is also author of Essential Statistics for Economics, Business and Management, published by John Wiley & Sons, Ltd.

Table of Contents

Introduction

Mathematical Preliminaries

Some Mathematical Preliminaries

Arithmetic Operations

Fractions

Solving Equations

Currency Conversions

Simple Inequalities

Calculating Percentages

The Calculator: Evaluation and Transposition of Formulae

Introducing Excel

The Straight Line and Applications

The Straight Line

Mathematical Modelling

Applications: Demand, Supply, Cost, Revenue

More Mathematics on the Straight Line

Translations of Linear Functions (on the website)

Elasticity of Demand, Supply and Income

Budget and Cost Constraints (on the website)

Excel for Linear Functions

Summary

Simultaneous Equations

Solving Simultaneous Linear Equations

Equilibrium and Break-even

Consumer and Producer Surplus

The National Income Model and the IS-LM Model

Excel for Simultaneous Linear Equations

Summary

Appendix

Non-linear Functions and Applications

Quadratic, Cubic and Other Polynomial Functions

Exponential Functions

Logarithmic Functions

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

Excel for Non-linear Functions

Summary

Financial Mathematics

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

The Relationship between Interest Rates and the Price of Bonds

Excel for Financial Mathematics

Summary

Appendix

Differentiation and Applications

Slope of a Curve and Differentiation

Applications of Differentiation, Marginal Functions, Average Functions

Optimisation for Functions of One Variable

Economic Applications of Maximum and Minimum Points

Curvature and Other Applications

Further Differentiation and Applications

Elasticity and the Derivative

Summary

Functions of Several Variables

Partial Differentiation

Applications of Partial Differentiation

Unconstrained Optimisation

Constrained Optimisation and Lagrange Multipliers

Summary

Integration and Applications

Integration as the Reverse of Differentiation

The Power Rule for Integration

Integration of the Natural Exponential Function

Integration by Algebraic Substitution

The Definite Integral and the Area under a Curve

Consumer and Producer Surplus

First-order Differential Equations and Applications

Differential Equations for Limited and Unlimited Growth

Summary

Linear Algebra and Applications

Linear Programming

Matrices

Solution of Equations: Elimination Methods

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