Business Mathematics – Revised FYBMS Syllabus 2016

Modules at a Glance

Sr. No. Modules No. of Lectures
1 Elementary Financial Mathematics 15
2 Matrices and Determinants 15
3 Derivatives and Applications of Derivatives 15
4 Numerical Analysis [Interpolation] 15
Total 60

Business Mathematics – Syllabus Overview

Sr. No. Modules / Units
1 Elementary Financial Mathematics
  • Simple and Compound Interest: Interest compounded once a year, more than once a year, continuous, nominal and effective rate of interest
  • Annuity-Present and future value-sinking funds
  • Depreciation of Assets: Equated Monthly Installments (EMI)- using flat interest rate and reducing balance method.
  • Functions:Algebraic functions and the functions used in business and economics, Break Even and Equilibrium point.
  • Permutation and Combination: (Simple problems to be solved with the calculator only)
2 Matrices and Determinants
  • Matrices: Some important definitions and some important results. Matrix operation (Addition, scalar multiplication , matrix multiplication, transpose of a matrix)
  • Determinants of a matrix of order two or three: properties and results of Determinants
  • Solving a system of linear equations using Cramer’s rule
  • Inverse of a Matrix (up to order three) using ad-joint of a matrix and matrix inversion method
  • Case study: Input Output Analysis
3 Derivatives and Applications of Derivatives
  • Introduction and Concept: Derivatives of constant function, logarithmic functions, polynomial and exponential function
  • Rules of derivatives: addition, multiplication, quotient
  • Second order derivatives
  • Application of Derivatives: Maxima, Minima, Average Cost and Marginal Cost. Total revenue, Marginal revenue, Average revenue. Average and Marginal profit. Price elasticity of demand
4 Numerical Analysis [Interpolation]
  • Introduction and concept: Finite differences – forward difference operator – Newton’s forward difference formula with simple examples
  • Backward Difference Operator. Newton’s backward interpolation formula with simple examples

Reference Books for Subject: Business Mathematics

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Business Mathematics
  • Mathematics for Economics and Finance, Martin Anthony, Norman Biggs, Cambridge lowprice editions, 2000.
  • Business Mathematics, D.C. Sancheti, V.K. Kapoor, Sultan Chand & Sons Publications, 2006.
  • Business Mathematics, J.K. Singh, 2009,Himalaya Publishing House.
  • Mathematics for Business and Economics, J.D. Gupta, P.K. Gupta, Man Mohan, Tata McGrawHill Publishing Company Ltd.
  • Mathematics of Finance 2nd Edition Schaum’s Outline Series Peter Zima, Robert Brows Tata McGrawHill Publishing Company Ltd
  • Business Mathematics by Dr.AmarnathDikshit&Dr.Jinendra Kumar Jain.
  • Business Mathematics by Bari – New Literature publishing company, Mumbai
  • Mathematics for Economics and Business, RS Bhardwaj, 2010,Excel Books
  • Business Mathematics, Zameerudin, Qazi, V.K. Khanna& S.K. Bhambri, Vikas Publishing House Pvt. Ltd, New Delhi
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