| CODE | EMA1300 | ||||||||
| TITLE | Introductory Mathematics for Business | ||||||||
| UM LEVEL | 01 - Year 1 in Modular Undergraduate Course | ||||||||
| MQF LEVEL | 5 | ||||||||
| ECTS CREDITS | 4 | ||||||||
| DEPARTMENT | Faculty of Economics, Management and Accountancy | ||||||||
| DESCRIPTION | The study-unit will cover the following themes: - The use of Mathematics in Business; - Equations and Linear Systems; - Solving linear, quadratic; - Fractional and radical equations; - Solving linear Inequalities; - Applications of equations and inequalities. Functions: - The linear, quadratic, cubic, exponential and logarithmic functions and their graphs; - Functions related to economics including: demand and supply curves (linear versions); cost curves (quadratic), total profit curves (cubic), demand and supply curve (exponential versions). Matrix Algebra: - Basic properties; - Elementary multiplication and addition/subtraction of matrices; - The matrix inverse (2x2); - Solving a simple system of simultaneous equations; - Introduction to input-Output tables. Differential calculus: - Differentiation of simple algebraic, exponential and logarithmic functions; - The chain rule, product rule and quotient rule; - The derivative as a rate of change; - Applications to economics: Finding the gradient of functions including the marginal revenue curve derived from a linear average revenue curve and finding the the marginal cost curve from a quadratic average cost curve; - Finding maxima and minima from quadratic and cubic equations; - Applications to business problems, including finding the minimum point of an average cost curve and finding the maximum point of the total revenue curve. Integral Calculus: - The indefinite integral; - The Initial condition problem and its applications to business and economics; - Integration rules (power rules for algebraic, exponential and logarithmic functions), techniques of integration (indefinite integrals) and their application (e. finding consumptions function from marginal propensity to consume). Study-unit Aims: The objective of this study-unit is to enable students to specify and understand mathematical functional relations applied to business in general and to economic theory in particular, and to utilise mathematical tools, such as matrix algebra and differential/integral calculus to interpret these functional relationships. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: - specify and understand mathematical functional relations applied to economic theory; - utilise mathematical tools, such as matrix algebra and differential/integral calculus to interpret these functional relationships. 2. Skills By the end of the study-unit the student will be able to: - develop generic mathematical skills which can be used for areas of study other than economics and management, including those relating to matrix algebra and differential/integral calculus. Main Text/s and any supplementary readings: - Introductory Mathematical Analysis for Business, Economics, and the Life and Social Sciences, by Ernest F. Haeussler. - Basic Mathematics for Economists, by Mike Rosser. - Maths for Economics, by Geoff Renshaw. |
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| STUDY-UNIT TYPE | Lecture | ||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Frank H. Bezzina |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2024/5. It may be subject to change in subsequent years. |
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