Fundamentals of Business Mathematics

Part I: Calculus of Single and Multivariable Functions -Topics include derivatives, partial derivatives, unconstrained and constrained optimization, the Lagrange method.

• Applications in economics cover economic functions, marginal analysis, profit maximization, and cost minimization.

Part II: (1) Linear Algebra

• Topics include matrices, systems of linear equations, Gauss-Jordan Elimination method.

(2) Linear Programming

• Focus areas include primal problems, the graphical method, the simplex method.

NB! This course will take place in spring semester 2024/2025 which starts on 3rd of February and ends on 16th of June (you can find that information under Start date section). The real course start and end dates will be announced at the beginning of February at the latest.

After completing the course the student:

• applies correctly basic concepts of mathematical analysis and linear algebra to solve business-related problems;
• distinguishes between mathematical methods and applies them to solve business-related problems;
• critically evaluates the obtained results and interprets them within the context of the business task.

Final assessment can consist of one test/assignment or several smaller assignments completed during the whole course. After declaring a course the student can re-sit the exam/assessment once. Assessment can be graded or non-graded. For specific information about the assessment process please get in touch with the contact person of this course. For specific information about grade transfer please contact your home university

None.

• Soper, J. (2004). Mathematics for Economics and Business, 2nd edition. Blackwell Publishing;
• Bailey, D. (1998). Mathematics in Economics. McGraw-Hill;
• Bradley, T., Patton, P. (2002). Essential Mathematics for Economics and Business, 2nd edition. John Wiley & Sons Ltd;
• Chiang, A. C., Wainwright, K. (2005). Fundamental Methods of Mathematical Economics, 4th edition. McGraw-Hill.

lectures, exercises