4406557: Business Mathematics

Qualifications

• • Know the basic algebraic rules for matrix operations and can point out the differences from the algebra of numbers.
  • Know the basic notions of financial economics.
  • Explain the basic notions of financial economics in different ways.
  • Can graphically demonstrate the solutions of linear equation systems with two unknowns.
  • Use the methods of financial economics in a correct and purposeful way to solve typical problems concerning interest, compounding, time values, annuities, investments, repayments, interest rates and returns.
  • Use matrix calculations to solve problems concerning input-output-analyses and multistep production processes.
  • Use methods to solve linear equation systems systematically.
  • Solve problems of linear optimization graphically or algebraically and interpret the results in the context.
  • Calculate and interpret marginal effects.
  • Use the Lagrange multiplier method to solve nonlinear optimization problems and use the envelope-theorem to interpret the results in the form of a sensitivity analysis.
  • Can derive the geometry of a linear equation system with more than two unknowns.
  • Can interpret the final tableau of the simplex-algorithm in the form of a sensitivity analysis and identify the changes in the solutions if one of the active restrictions changes.
• • Know the central mathematical techniques for economic analysis that are often used in business applications.
  • Understand the economical content of the assumptions used to derive economical laws and describe these assumptions in words and mathematical symbols.
  • Use the concepts discussed in a correct and purposeful way and interpret the results in the context.
  • Use pocket calculators to find the results needed.
  • Apply standard learning techniques in abstract contexts so that they get used to working with scientific publications on their own.
  • Can analyze economic or business cases using mathematical models.
  • Can propose economic laws and check those laws using mathematical techniques.
  • Can critically check the contents of mathematical models while planning economical action or deriving economic laws.
  • Build up skills to argue rationally in a scientific environment.
• • Appreciate the skill to argue rationally in a scientific environment.
  • Cooperate while working out problems or while preparing themselves for the final exam.
  • Judge arguments critically, considering whether they are sound, reasonable and consistent.
  • Argue in a precise and rational way in their comments.
• • Internalize the use of standard learning and working techniques to learn on their own.