UNIVERSITY OF GHANA BUSINESS SCHOOL
UGBS 202 – Business Mathematics February, 2016
Instructor: Dr. Anthony Afful-Dadzie ([email protected] ) Office: S3, Graduate Block
Office hours: Thur:(Gp1 – 10am-11:00 am, Gp2 –11:30am-12:30 pm) or by appointment Co-Instructor: Mr. Divine Agozie ([email protected])
Office hours: Mon: 10am-12pm or by appointment TAs: Charles Ofori-Gyamfi (coforigyamfi @gmail.com ) Richard Opoku Mensah ([email protected])
Class time: Wed:(Gp1 @ G1 – 7:30am-9:20 am, Gp2 @ hall B –9:30am-11:20am, G3 @ hall A1, 1:30- 3:20pm)
Class Format:
Each topic in the course schedule has an assigned reading meant to complement materials covered in class. Students are expected to be in class to take notes and to participate fully in discussions. In an exceptional situation where one must miss a class, it is in the interest of the student to notify the instructor before the start of the class. Students are advised to refrain from texting, surfing, and reading whiles in class.
Class meetings will be in lecture hall B for group 1 and lecture hall A1 for group 2
Office Hours: Both the instructor and the TAs will hold office hours during which students can ask questions pertaining to past lectures or assignments.
Textbooks:
Waters, Donald, and C. Donald J. Waters. Quantitative methods for business. Pearson Education, 2008.
Ernest F. Haeussler, Richard. S. Paul, and Richard J. Wood. Introductory Mathematical Analysis for Business, Economics, and the Life and Social Sciences. Pearson, 2013.
Communications
All announcements and selected lecture notes will be sent through the email address: [email protected]. Individual communication needs should be sent to the TAs or the instructor. We will strive to answer emails as quickly as possible. However, please allow 24 hours for a response.
Course Description
its application in business. These tools and their applications will be demonstrated using MS Excel whenever possible.
Practice Problems
There will be assigned practice problems for topics covered. These problems will not be collected. However, answers (and occasionally, full solutions) will be given out. Anyone having difficulty with any of the problems may contact the GTAs and instructor during office hours.
Homework
There will be at least 1 homework assignment. Most of the questions will require the use of some of the tools and functions in MS Excel. Solutions to the homework will be made available after the due date. No late homework will be accepted.
Midterm and Final Exam
Both the midterm and final exams will be closed-book exams. Electronic devices that have internet access, communication capability, or the ability to store or display audio, video, and/or images are not permitted during these exams. This includes but is not limited to computers, phones, personal digital assistants, and personal music or video players. Calculators possessing features that do not in general exceed the capability of the TI-89, HP-50, or similar models are allowed.
Grade Weighting
Homework 10%
Midterm 20%
Final 70%
Final letter grades will be based solely on students’ final numeric average according to the following grading scale:
Grade Numerical Mark %
A 100-80
B+ 79-75
B 74-70
C+ 69-65
C 64-60
D+ 59-55
D 54-50
E 49-45
Expected Course Schedule
Section1: Basic Algebra and its application in Business Differentiation
Rules of differentiation
The Derivative as a rate of change Finding a Rate of Change
Application of Rate of Change
Rate of change of price with respect to quantity Rate of change of enrollment
Rate of change in economics Marginal cost
Marginal Revenue
Relative and percentage rate of change The Product Rule and the Quotient Rule
Example: Marginal revenue, Marginal propensity to consume The Chain Rule
Derivatives of logarithmic functions Derivatives of exponential functions
Elasticity of demand Economic Order Quantity Concept of Maxima and Minima Integration
Differentials
The Indefinite integral
Integration with initial condition Techniques of integration The Definite Integral
The Fundamental theorem of integral calculus Approximate integration
Area between curves
Consumer’s and Producer’s surplus
Functions
Linear Equation and Inequalities Lines
Slope of a line Equations of lines
Applications of Linear Functions Linear Functions
Graphing linear functions Quadratic functions
Systems of linear equations Two-variable systems Nonlinear systems
Applications of systems of equations Equilibrium
Break-even points Linear Inequalities
Linear Programming and its formulation
Exponential and Logarithmic functions Exponential functions
Example: Compound amount and compound interest The number e
Exponential function with base e
Logarithmic functions
Inverse functions
Sequences
Arithmetic Geometric
Section2: Mathematical Finance
Describing changes with index numbers Measuring change
Changing the base period
Indices for more than one variable
Finance and performance Time Value of Money
Single Amount Uniform Series Arithmetic Gradient Geometric Gradient
Determining i or n for known cash flows values
Amortization, sinking funds and annuities
Nominal and Effective Interest Rates Real and Inflation rates
Investment Appraisal Payback Period
Benefit/Cost Analysis Rate of Return
Depreciation
After-tax Economic Analysis Sensitivity Analysis
Section 3: Basic Statistics and Probability Collecting and Summarizing Data
Collecting data
Data and information Types of data
Using samples to collect data Organizing data collection
Diagrams for presenting data
Data reduction and presentation Tables of numerical data
Diagrams of data Continuous data
Using numbers to describe data Measuring data
Measures of location
Measures of spread/variability Other measures of data
Introduction to Probability
Experiments, Counting Rules, and Assigning Probabilities Events and Their Probabilities
Some Basic Relationships of Probability Complement of an Event
Addition Law Conditional Probability
Independent Events Multiplication Law Bayes’ Theorem