Business Mathematics

The paper of Business Mathematics concentrates on conceptual understanding of the crucial aspect of Business Mathematics. The objective of this course is to familiarize the students with the basic mathematical tools with emphasis on applications to business and economics situation. Students are expected to acquire working knowledge in this paper. The importance of this subject is growing over the years due to various factors. While preparing the book as per new syllabus prescribed by Ranchi University, Ranchi and Nilamber Pitamber University, Palamu for B.Com. (Hons.) : Semester III care has been taken to present the subject matter in a logical sequence to facilitate easy understanding by the students.

Business Mathematics Syllabus For B.Com. (Hons.) IIIrd Semester of Ranchi University & Nilamber Pitamber University

Unit I Matrices and Determinants : Overview of Matrices; Definition and types; Algebra of matrices; Applications of matrix operations to simple business and economic problems; Calculation of values of determinants up to third order; Finding inverse of a matrix through determinant method; Solution of system of linear equations upto three variables. Leontief Input output Model (Open Model only).
Unit II Permutation and Combination : Basic concept of permutation and combination and simple problems
based on permutation and combination.
Unit III Basic Mathematics of Finance : Basic Mathematics of Finance : Simple and Compound interest
(including continuous compounding); Rates of interest-nominal and effective and their inter-relationships; Compounding and discounting of a sum using different types of rates, annuities, discount-Banker’s discount, Trade discount.

Unit IV Mathematical Reasoning and Aptitude : Types of reasoning, Number series, Letter series, Codes and
Relationships, Mathematical Aptitude (Fraction, Time & Distance, Ratio, Proportion and Percentage, Profit and Loss, Averages).

Unit V Differentiation and Integration : Concept and rules of differentiation; applications of differentitation :
elasticity of demand and supply, Maxima and Minima of functions relating to cost, revenue and profit. Concept and basic rules of integration of a function. Application in Business and commerce.

Unit VI Linear Programming Problem : LPP : Objective Functions, Constraints, Mathematical Formulation of
LPP, Graphical Solution to LPP, Feasible and Infeasible Regions/ Solution, Optimal Feasible Solution.

Business Mathematics Contents : 

1. Matrix
2. Matrix Inverse And Simultaneous Equations
3. Determinants
4. Arithmetic Progression
5. Geometric Progression
6. Harmonic Progression
7. Permutation And Combination
8. Ratio
9. Proportion
10. Simple Interest
11. Compound Interest
12. Annuities
13. Trade Discount And Banker’s Discount
14. Differentiation
15. Integration Of A Function
16. Application Of Integration In Business And Commerce
17. Linear Programming Problem
18. Mathematical Reasoning And Aptitude
19. Applications Of Differentiation
    ● Logarithms, Antilogarithms Tables