Business Mathematics

Affiliation to semester

1

Duration

1 semester

State of the module

Compulsory module

Frequency of offering

Each semester

ECTS

5

Hours of compulsory in credit hours

4

Learning outcome / competencies

Students understand the basic rules of matrix algebra and are able to apply processes for solving linear equation systems.

By completing practical tasks they have gained elementary insight into the analysis of economic functions and the application of differential calculus, independently calculated examples and interpreted the solutions in an application-orientated manner. Student can furthermore model simple optimisation problems, solve linear and non-linear optimisation processes with one or more variables and apply results to relevant scenarios.

Simple problems can be identified and modelled using mathematical tools. Students recognise the potential and the limitations of mathematical analysis and are able to interpret analysis results in an application-orientated and plausible fashion.

Level

1a

Necessary requirements

None

Recommended requirements

None

Method of examination

(applicable are §§ 9-14 RStPO)

Written exam (120 minutes)

Performance rating

Differentiated by grades
The module consists of two units

Corresponding units

Business Mathematics (SL)

Business Mathematics (BÜ)

Unit 1

Name of the unit

Business Mathematics (SL)

Name of the corresponding module

BIB 1.4 Business Mathematics

Language

English

Rate of workload for the unit

50%

Rate of hours of compulsory in credit hours

2

Type of learning

SL

Content of the unit

  
  • linear algebra and applications matrix algebra, systems of linear equations
  • functions with applications in economics and business and their description
  • differential calculus for functions of one and of more than one variables
  • optimization in economics and business
    determination of local extrema of functions of one and of more than one variables,     unconstrained optimization problems, optimization problems with constraints
  • elements of financial mathematics
 

Literature

Bradley, Teresa: Essential mathematics for economics and business, Wiley, 2009.

Renshaw, Geoff: Maths for economics, Oxford, 2011.