Registry

Module Specifications

Current Academic Year 2012 - 2013
Please note that this information is subject to change.

Module Title	Business Mathematics 1
Module Code	MS136
School	School of Mathematics
Online Module Resources
Module Co-ordinator	Semester 1: Brien Nolan Semester 2: Brien Nolan Autumn: Brien Nolan
Module Teacher	Brien Nolan
NFQ level	8	Credit Rating	5
Pre-requisite	None
Co-requisite	None
Compatibles	None
Incompatibles	None

Description

The principal aim of this module is to equip students with the skills required to analyse and interpret economic and business situations under conditions of change in a rigorous quantitative manner. This involves primarily the study of calculus (the mathematics of change) and its applications to the construction and analysis ofmathematical models of economic and business phenomena.

Learning Outcomes

1. Construct and apply mathematical models of problems in economics, business and finance usingelementary mathematical functions;
2. Construct and interpret graphs of economic functions for specific classes of mathematical functions,using differential calculus when required;
3. Interpret and apply derivatives, including partial derivatives, of economic functions (marginalfunctions), especially in optimization problems;
4. Validate mathematical statements relating to economics, business and finance.

Workload	Full-time hours per semester
*Type*	*Hours*	*Description*
Lecture	24	Lectures on theory and applications of business mathematics.
Tutorial	12	Work on exercise sheets, supported by tutors.
Independent learning time	89	Independent work on lecture notes and exercise sheets.
Total Workload: 125

All module information is indicative and subject to change. For further information,students are advised to refer to the University's Marks and Standards and Programme Specific Regulations at: http://www.dcu.ie/registry/examinations/index.shtml

Indicative Content and Learning Activities

Functions and their graphs..
Mathematical functions and their graphical representation. Interpretation of graphs. Linear and quadraticfunctions. Simultaneous linear equations. Economic applications: supply and demand; revenue, cost profit;production functions; national economy models..

Derivatives..
Slopes of lines, curves and the definition of the derivative. Marginal functions and their applications.Methods of differentiation. Drawing graphs using the derivative. Elasticity..

Optimisation..
Solving max/min problems using the derivative. First and second derivative tests for extreme values..

Partial derivatives..
Economic models involving functions of several variables. Partial derivatives. Utility functions, isoquantsand indifference curves..

The time value of money..
Percentages. The compound interest formula. Discounting and investment appraisal – net present value andyield..

Assessment Breakdown
Continuous Assessment	15%	Examination Weight	85%

Course Work Breakdown
Type	Description	% of total	Assessment Date
Multiple choice questions	In-class test.	7%	Week 7
Multiple choice questions	In-class test	8%	Week 12

Reassessment Requirement
Resit arrangements are explained by the following categories; 1 = A resit is available for all components of the module 2 = No resit is available for 100% continuous assessment module 3 = No resit is available for the continuous assessment component
This module is category 1

Indicative Reading List

Ian Jacques: 0, Mathematics for Economics and Business, 2nd - 6th, Addison-Wesley/Prentice Hall,
Anthony Croft and Robert Davison: 2008, Foundation Mathematics, Addison-Wesley,

Other Resources

1095, Website, Brien Nolan, 0, Basic Skills Worksheets, http://www.dcu.ie/~nolanb/Basic_Skills.htm, 1096, Drop-in centre, 0, DCU Maths Learning Centre, http://www.dcu.ie/maths/mlc/index.shtml,

Array

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EBG