Now 4 colour and includes an outstanding resources suite!
Essential Mathematics for Economics and Business is established as one of the leading introductory textbooks for non maths specialists taking economics and business degrees.
The fundamental mathematical concepts are explained as simply and briefly as possible, using a wide selection of worked examples, graphs and real-world applications. It combines a non-rigorous approach to mathematics with applications in economics and business.
'The text is aimed at providing an introductory-level exposition of mathematical methods for economics and business students. In terms of level, pace, complexity of examples and user-friendly style the text is excellent - it genuinely recognises and meets the needs of students with minimal maths background.'
Colin Glass, Emeritus Professor, University of Ulster
'One of the major strengths of this book is the range of exercises in both drill and applications. Also the "worked examples" are excellent; they provide examples of the use of mathematics to realistic problems and are easy to follow'
Donal Hurley, formerly of University College Cork
‘The most comprehensive reader in this topic yet, this book is an essential aid to the avid economist who loathes mathematics!’
CHAPTER 1 Mathematical Preliminaries
1.1 Some Mathematical Preliminaries
1.2 Arithmetic Operations
1.4 Solving Equations
1.5 Currency Conversions
1.6 Simple Inequalities
1.7 Calculating Percentages
1.8 The Calculator. Evaluation and Transposition of Formulae
1.9 Introducing Excel
CHAPTER 2 The Straight Line and Applications
2.1 The Straight Line
2.2 Mathematical Modelling
2.3 Applications: Demand, Supply, Cost, Revenue
2.4 More Mathematics on the Straight Line
2.5 Translations of Linear Functions
2.6 Elasticity of Demand, Supply and Income
2.7 Budget and Cost Constraints
2.8 Excel for Linear Functions
CHAPTER 3 Simultaneous Equations
3.1 Solving Simultaneous Linear Equations
3.2 Equilibrium and Break-even
3.3 Consumer and Producer Surplus
3.4 The National Income Model and the IS-LM Model
3.5 Excel for Simultaneous Linear Equations
CHAPTER 4 Non-linear Functions and Applications
4.1 Quadratic, Cubic and Other Polynomial Functions
4.2 Exponential Functions
4.3 Logarithmic Functions
4.4 Hyperbolic (Rational) Functions of the Form a/(bx + c)
4.5 Excel for Non-linear Functions
CHAPTER 5 Financial Mathematics
5.1 Arithmetic and Geometric Sequences and Series
5.2 Simple Interest, Compound Interest and Annual Percentage Rates
5.4 Net Present Value and Internal Rate of Return
5.5 Annuities, Debt Repayments, Sinking Funds
5.6 The Relationship between Interest Rates and the Price of Bonds
5.7 Excel for Financial Mathematics
CHAPTER 6 Differentiation and Applications
6.1 Slope of a Curve and Differentiation
6.2 Applications of Differentiation, Marginal Functions, Average Functions
6.3 Optimisation for Functions of One Variable
6.4 Economic Applications of Maximum and Minimum Points
6.5 Curvature and Other Applications
6.6 Further Differentiation and Applications
6.7 Elasticity and the Derivative
CHAPTER 7 Functions of Several Variables
7.1 Partial Differentiation
7.2 Applications of Partial Differentiation
7.3 Unconstrained Optimisation
7.4 Constrained Optimisation and Lagrange Multipliers
CHAPTER 8 Integration and Applications
8.1 Integration as the Reverse of Differentiation
8.2 The Power Rule for Integration
8.3 Integration of the Natural Exponential Function
8.4 Integration by Algebraic Substitution
8.5 The Definite Integral and the Area under a Curve
8.6 Consumer and Producer Surplus
8.7 First-order Differential Equations and Applications
8.8 Differential Equations for Limited and Unlimited Growth
8.9 Integration by Substitution and Integration by Parts (website only)
CHAPTER 9 Linear Algebra and Applications
9.1 Linear Programming
9.3 Solution of Equations: Elimination Methods
9.5 The Inverse Matrix and Input/Output Analysis
9.6 Excel for Linear Algebra
CHAPTER 10 Difference Equations
10.1 Introduction to Difference Equations
10.2 Solution of Difference Equations (First-order)
10.3 Applications of Difference Equations (First-order)
Solutions to Progress Exercises
- Significantly revised resources including provision of a new testbank of approximately 500 questions in Maple TA and Respondus
- Improved clarity.
- Animated Worked Examples with audio narration – these help guide students through the selected worked examples, giving them a visual and audio run down of the problem, in an easy to follow step by step method.
- Problems in Context explain the mathematical techniques involved in common economics or business problems. These are written by specialists and are intended to put the maths into a familiar context for students whose maths isn’t strong.
- Revised and updated Worked Examples
- Revised and updated Progress Exercises, including additional introductory questions to help students whose maths background is weak.
- Updated and extended use of Excel where appropriate.
- New 4-colour text design.
- Combines a non-rigorous approach to mathematics with applications in economics and business.
- Building up gently from a low level, the author provides a clear, systematic coverage of the key mathematical topics required by students studying economics and business.
- All mathematical methods are illustrated by well-chosen examples and exercises.
- The book’s careful arrangement enables it to be used in a variety of course formats – for students with and without prior knowledge of the subject – as well as for reference and self-study.