This module introduces students to the application of mathematics to economics and business. The material will show how mathematical methods can be applied to problems in market analysis, agent optimisation (e.g. consumer utility maximisation and firm profit maximisation), compound interest, and investment appraisal. The module provides all students with the basic mathematics skills needed for business economics.

(LO1) Students will be able to develop a good grasp of basic mathematical techniques in the study of supply and demand;

(LO2) Students will become familiar with the basic techniques of calculus and their applications to economics and business: the analysis of profit, revenue etc;

(LO3) Students will develop a working knowledge of the basic mathematics of finance and accounting

(S1) Adaptability

(S2) Problem Solving Skills

(S3) Numeracy

(S4) commercial Awareness

(S5) Teamwork

(S6) Organisational skills

(S7) Communication skills

(S8) International awareness

(S9) Lifelong learning skills

(S10) Ethical awareness

Teaching Method: Online Asynchronous Lecture
Description: Material on key content will be available online asynchronously, in the format of a few ‘chunked’ short recordings each week. Student activities will be set to reflect on their understanding of the key content on a weekly basis.
Unscheduled Directed Student Hours: 12
Attendance Recorded: No

Teaching Method: Synchronous Lecture
Scheduled Directed Student Hours: 12
Attendance Recorded: No

Teaching Method: Seminar
Description: Each seminar will comprise solving a series of practical exercises, based on the topics covered in the lecture. We plan to offer small group seminars to support active learning.
Scheduled Directed Student Hours: 8
Attendance Recorded: Yes

Teaching Method: Group Study
Description: 1 hour biweekly sessions
Scheduled Student Hours: 6
Attendance Recorded: No

Self-Directed Learning Hours: 112
Description: In addition to attendance at seminar classes, students have about 90 hours of private study time for this module. This time should be used to read the course textbooks, work through examples, solve problems and exercises in addition to those covered in learning materials.
Skills/Other Attributes Mapping

Skills / attributes: Lifelong learning skills
How this is developed: Effective time management / independent learning / prioritising work /meeting deadlines
Mode of assessment (if applicable)

Skills / attributes: International awareness
How this is developed: Students will work with peer groups in class and tutorials
Mode of assessment (if applicable)

Skills / attributes: Communication skills
How this is developed: Effective written communication
Mode of assessment (if applicable)

Skills / attributes: Organisational skills
How this is developed: Through effective preparation for tutorials, the mid-term, and the January exam – ; evidenced by the quality of answers provided on the two modes of assessment
Mode of assessment (if applicable): Examination and Mid-term test

Skills / attributes: Teamwork
How this is developed: Not formally assessed as no group work but students will be encouraged to work together in class and also to answer peer queries through the discussion forum on vital.
Mode of assessment (if applicable)

Skills / attributes: commercial Awareness
How this is developed: Through application of numerical techniques to real business scenarios eg. Market analysis and investment appraisal, revenues and profits.
Mode of assessment (if applicable)

Skills / attributes: Numeracy
How this is developed: Through quantitative Q&A in class, tutorials, practice questions and examination
Mode of assessment (if applicable): Examination and Mid-term test

Skills / attributes: Problem Solving Skills
How this is developed: Q&A in class, tutorials, pract ice questions and examination.
Mode of assessment (if applicable): Examination

Skills / attributes: Adaptability
How this is developed: Through application of maths concepts to economic / finance and accounting related problems
Mode of assessment (if applicable): Examination

Costs Information:
Students will not be required to incur additional costs but may wish to purchase a textbook

This module is a pre-requisite for the following modules:
ACFI204
ECON112
ECON212
ECON221
ECON222
ECON227
ECON233
ECON251
ECON322
ECON326
ECON343
ECON346

Linear functions - graphs, simultaneous equations, supply and demand analysis;

Non-linear functions - quadratic and polynomial functions, exponents, the exponential and logarithmic functions with economic applications;

Differentiation - rules for differentiation;

Application of differentiation to economics - marginal analysis and elasticity;

Optimisation (unconstrained) - maxima and minima, minimising costs, maximising revenue and maximising profit;

Partial differentiation - differentiation rules, partial elasticities, unconstrained optimisation and homogeneous functions;

Percentages and geometric series, compounded interest rate, saving plans, loan repayment, present values and investment appraisal.