The goal of Business Mathematics II is to help students gain a deeper understanding of mathematical methods and how they are used in economics and business. With an emphasis on their useful application in actual decision-making, the course covers advanced subjects like derivatives, optimization, integration, and linear programming.
Limits, continuity, differentiation, and their uses in business contexts such as cost-revenue analysis and elasticity will all be covered by the students. Lagrange multipliers, constrained optimization, and functions of multiple variables are also introduced in the course. Applications and methods of integration, such as producer and consumer surplus, are discussed. Lastly, the graphical solution of linear programming problems and linear inequalities will be covered for the students. This course gives students the tools they need to effectively analyze and resolve challenging managerial issues by fusing mathematical tools with business concepts.
Table of Contents
Syllabus of Business Mathematics II BBA(Sem II)
Business Mathematics II Course Objectives
The purpose of this course is to provide sound knowledge of derivatives of function of single variable as well as several variables, optimization techniques, and their applications in business and economics. The course also imparts the knowledge of integration and linear programming and their applications.
Business Mathematics II Course Description
This course covers limits and continuity of a function, derivative of a function of single variable and several variables and their applications in business and economics. It also covers optimization problems, integration and its applications. Moreover, it deals with graph of inequalities and linear programming.
Business Mathematics II Course Outcomes
By the end of this course, students should be able to
- apply differentiation techniques to solve the related problems;
- use derivatives to determine rate measures and solve optimization problems;
- solve the problems related to definite and indefinite integrals; and
- understand the concept of linear optimization.
Business Mathematics II Course Contents
Unit I: Derivatives 10 hours
Limit of function, Continuity and discontinuity of function, Average Rates of Change, Instantaneous Rates of Change: The Derivative, Techniques of differentiation, Derivative of algebraic, exponential and logarithmic functions, Higher order derivatives, Applications related to rate measures.
Unit II: Applications of Derivatives 7 hours
Concavity: Points of Inflection, Relative Maxima and Minima, Absolute Maxima and Minima, Optimization in Business and Economics (Maximizing Revenue, Minimizing Cost, Maximizing Profit, Profit in a Monopoly Market, Profit in a Competitive Market), Elasticity.
Unit III: Functions of Several Variables 8 hours
Functions of Two or More Variables, Partial Differentiation (First-Order Partial Derivatives, I Higher-Order Partial Derivatives), Applications of Partial Derivatives in Business and Economic, Differentials, Total Derivatives.
Unit IV: Optimization: Functions of Several Variables 6 hours
Maxima and minima of functions of several variables, Discriminating monopolists, Constrained Optimization: The Method of Lagrange Multipliers.
Unit V: Integration and its Applications 10 hours
Indefinite integrals, Techniques of integration, Definite integrals, Consumer’s Surplus and Producer’s Surplus, Improper integrals, Ordinary differential equations.
Unit VI: Inequalities and Linear Programming 7 hours
Linear Inequalities in Two Variables, Linear Programming Model, Graphical Solution Method. Special Cases (infeasible solution, unbounded solution, alternative optima).
Business Mathematics II Basic Texts
- Harshbarger, R. 1, & Reynolds, J. J. Mathematical Applications for the Management, Life, and Social Sciences. ‘USA: Brooks Cole.
- Budnick. F. S. Applied Mathematics- for Business Economics and the Social Sciences. New Delhi: Tata McGraw Hill.
References
- Hoffmann, L. D, & Bradley, G. L. Calculus for Business, Economics, and the Social and Life Sciences. New Delhi: Tata McGraw Hill.
- Shrestha, K. K., & Thagurathi, R. K. Applied Mathematics. Kathmandu: Buddha Academic Enterprise.
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