Introduction:
Business mathematics is an essential field that helps individuals and
organizations solve everyday business problems by applying
mathematical principles. In this assignment, we focus on how
mathematical functions, equations, and graphs can be used to address
financial and operational challenges. Topics such as calculating profit
functions, identifying break-even points, and creating budget constraints
are vital for making smart business decisions. For instance, understanding
how to evaluate profits or how price changes affect demand can help a
business set its pricing strategy or decide how many units to produce. By
solving these types of problems, businesses can operate more efficiently
and make better-informed decisions.
The assignment also covers linear equations, which are commonly used in
business for budgeting and financial planning. Concepts like determining
the slope of a line or solving equilibrium price can be applied to analyze
costs, predict future trends, and optimize business resources. For
example, companies use these equations to calculate the number of
products to produce to maximize revenue while keeping costs under
control. These mathematical approaches ensure businesses remain
competitive and profitable in today's fast-paced markets.
Conclusion:
In summary, business mathematics is a powerful tool for helping
businesses solve practical problems, from scrutinising costs to planning
production. Through this assignment, we have explored how equations,
graphs, and functions can be used to tackle financial decisions and
operational challenges effectively. For instance, understanding profit
functions allows businesses to calculate how much they will earn at
different production levels, while budget constraints help determine the
best way to allocate resources. This mathematical framework helps
companies reduce risks, maximize profits, and operate more efficiently.
By applying these concepts, businesses can make data-driven decisions
that improve their overall performance. Whether it's determining the
break-even point or analyzing demand, these mathematical principles
guide firms toward achieving sustainable growth. With these skills,
business professionals can navigate complex financial landscapes and
contribute to long-term success.
References:
Bowerman, B. L., O’Connell, R. T., & Murphree, E. S. (2019).
Business Statistics in Practice. McGraw-Hill Education.
Jacques, I. (2018). Mathematics for Economics and Business (9 th
ed.). Pearson.
Sydsaeter, K., & Hammond, P. (2016). Essential Mathematics for
Economic Analysis (5th ed.). Pearson.
Larson, R., & Hodgkins, A. (2017). College Algebra with Applications
for Business and Life Sciences (11th ed.). Cengage Learning.
Slavin, S. L. (2020). Mathematics for Business Decisions. Pearson.
Brechner, R., & Bergeman, G. L. (2018). Contemporary Mathematics
for Business and Consumers (8th ed.). Cengage Learning.
Chiang, A. C., & Wainwright, K. (2013). Fundamental Methods of
Mathematical Economics (4th ed.). McGraw-Hill Education.
Render, B., Stair, R. M., & Hanna, M. E. (2018). Quantitative Analysis
for Management (13th ed.). Pearson.
Sullivan, M. (2021). College Algebra Enhanced with Graphing
Utilities (7th ed.). Pearson.
Barrow, M. (2016). Statistics for Economics, Accounting, and
Business Studies (7th ed.). Pearson.
