MATH 115 Calculus for Business and Economics

Spring 2013 Class time Section 02: UT 12:30-13:45, F1-2126 Section 57: MW 12:30-13:45, C6-1037

Instructor info

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Dr. Viktor Bodi V.Bodi@uaeu.ac.ae F1-0075 (Male campus) TBA

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Course Description This course introduces the concepts of differential and integral calculus useful to students in business, economics. Among the topics studied are: curve sketching for some functions relevant to business and economics applications, derivatives and techniques of differentiation, exponential growth, anti-derivatives and methods of integration, definite and indefinite integrals with applications. The course also covers topics on partial derivatives and matrices, in addition to many applications in Business and Economics. Prerequisite: MATU 1332 Textbook Calculus for Business, Economics, and the Social and Life Sciences, Brief Edition, 11th Ed. by Hoffmann, Bradley, Sobecki, and Price, McGraw-Hill, 2013. Course coordinator Dr. Ana Vasilic, Department of Mathematical Sciences, Office F1-0079 vasilic@uaeu.ac.ae

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Calculus for Business and Economics

Course Objectives/Learning Outcomes Upon successful completion of this course the student should be able to: Graph and identify basic properties of various elementary functions. Use mathematical models to describe some concepts relevant for business and economics applications. Understand the concept of differentiation; compute derivatives, apply differentiation rules. Understand the physical and graphical interpretation of derivatives. Solve practical problems involving marginal cost and marginal revenue. Use derivatives to find extrema and study concavity of a function. Sketch graphs using critical points, extrema, and concavity. Define, graph, and find the derivatives of the exponential and logarithmic functions; use these functions to model different practical problems. Understand the concept of integration; compute indefinite and definite integrals and apply these concepts to solve practical problems. Understand the concept of multivariate functions. Understand basic matrix operations and their applications in solving linear systems. Interpret real-world problems in terms of calculus concepts: inventory problems, marginal analysis and other business problems.

Attendance Attendance is mandatory for all classes. Students who are absent from 3 classes (5%) will receive 1st warning, students who are absent from 4 classes (10%) will receive 2nd warning. Students who are absent for 5 or more classes (15%) are prohibited from participating in subsequent exams and fail the course. Assessment Weight Quizzes Homework Test 1 Test 2 Midterm 10 % 10 % 10 % 10% 20 % Date TBA TBA TBA TBA Sunday, 21/04/2013 7:00-8:00 PM Saturday,15/06/2013 3:30-5:30 PM In class In class TBA Location In class

Final

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Calculus for Business and Economics

Course contents Below is an outline of sections to be covered and a tentative weekly schedule. It lists the examples from the textbook and suggested exercises. While some of those problems will be covered in class, the others are left for students to complete on their own. Numbers in bold red denote word problems related to business and economics applications and should be studied with a great care.

1. Functions, Graphs, and Limits

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A1 A Brief Review of Algebra (Exponents and Roots) A2 Factoring Polynomials, Properties of fractions, Quadratic formula 1 Functions 2 The Graph of a Function 3 Linear Functions

Examples A.1.5-A.1.8 A.2.2, A.2.4, A.2.7, A.2.10, A.2.14-A.2.16 1.1.1,1.1.2, 1.1.4, 1.1.5, 1.1.6, 1.1.7 1.2.1-1.2.4, 1.2.5a, 1.2.6 1.3.1-1.3.4, 1.3.5, 1.3.7 1.4.5, 1.4.6 1.5.1-1.5.5, 1.5.7, 1.5.8, 1.5.10 1.6.1-1.6.6 Examples 2.1.3, 2.1.5 (do after 2.2) 2.2.1-2.2.5 2.3.1, 2.3.3, 2.3.4, 2.3.6-2.3.8 2.4.1, 2.4.3, 2.4.4-2.4.6 2.5.1-2.5.2

Exercises 19-30, 35-42 1-6, 29-68, 83-88 15-26, 29, 32, 4347, 57-62 4-38, 39-40, 45 1-6, 13-18, 21-28, 34, 35, 37, 38 16-18, 30-32, 3438 1-38 1-10, 15-26, 31-38 Exercises 1-12, 43-45 (do after 2.2) 1-25, 29-39 1-15, 42-45, 48 1-8, 21-34, 55, 56, 66 1-6, 12-13

4 Functional Models 5 Limits

6 One-Sided Limits and Continuity

2. Differentiation: Basic Concepts

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1 The Derivative 2 Techniques of Differentiation 3 Product and Quotient Rules

4 The Chain Rule 5 Marginal Analysis & Approximations Using Increments

3. Additional Applications of the Derivative

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1 Increasing and Decreasing Functions; Relative Extrema 2 Concavity and Points of Inflection

Examples 3.1.1-3.1.4 3.2.1, 3.2.2, 3.2.3 (only concavity), 3.2.5

Exercises 9-15, 23-29, 35-41, 45-48 1-8, 13-20, 27-29, 39, 40, 43-46

Midterm Review

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3 Curve Sketching 4 Optimization; Elasticity of Demand

3.3.1-3.3.3, 3.3.4 (asymptotes only) 3.4.1, 3.4.4, 3.4.5

1-24, 39,40 1-7, 17-20, 31a,b

4. Exponential and Logarithmic Functions

10 1 Exponential Functions; Continuous Compounding 2 Logarithmic Functions
3 Differentiation of Exponential and Logarithmic Functions

Examples 4.1.1-4.1.3, 4.1.4, 4.1.64.1.8 4.2.1-4.2.5, 4.2.7, 4.2.10-4.2.12 4.3.1-4.3.5, 4.3.8, 4.3.10, 4.3.11 Examples 5.1.1-5.1.3, 5.1.5

Exercises 5-28, 35-44 3-8, 13-16, 21-27, 43-48 1-24, 69-72 Exercises

5. Integration
11 1 Antidifferentiation: The Indefinite Integral
2 Integration by Substitution 12 3 The Definite Integral and the Fundamental Theorem of Calculus

1-15, 19, 20, 47-48, 52, 53 5.2.1-5.2.4 1-15 5.3.2, 5.3.4, 5.3.5, 5.3.7, 15-32, 66 5.3.9 Examples 7.1.1-7.1.3, 7.1.6 7.2.1-7.2.3, 7.2.7 Examples *** *** *** *** Exercises 1-7, 17, 20 1-8, 21, 22, 25, 27, 29 Exercises *** *** *** ***

7. Functions of several variables

13 1 Functions of Several Variables 2 Partial Derivatives

Matrices
14 1 Basic Matrix Operations 2 Matrix Inversion 15 3 Determinants and Cramers Rule 4 Solving Systems of Linear Equations 16

Final Review

A handbook covering material on systems of linear equations and matrices will be provided in class. Homework problems covering this material will also be provided in class.

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Calculus for Business and Economics