BBMP1103

MATHEMATICS FOR MANAGEMENT

PART I

QUESTION 1

Workings:

Let

We know that A-1 = adj A

Here det A =

= p(qr-0) -0(0-0) +0(0-0)

=pqr
Question 2

Workings:

a)
y= 2ax+b

: Its maximum point is) (-1, -1)

y- intercept is -2
-2a +b=0
a-b+c= -1
c=-2
a=1 b= -2 c -2

b) f(x) = 1/x
f’(x) = - 1/x^2

f ’’(x) = 2/x^3

f’’’(x) = 1/x^4

f’’’’( x) = 24/ x^5

So f n (x) = (-1) n n!/x n+1

Question 3
Question 4

S(x) = selling price=110 unit

C(x)= cost
60x +7000
Where x is the number of units

a) Breakeven point

(110 x) = (60x) +(7000)

110 – 60 x= 7000
50 x= 7000
X= 7000/50
= 140

b) Cost of 100 unit

60(100) +7000= 13000
Selling = (110) (100) = 11000
Selling is less than the cost = 1oss
Thus, loss is 13000-11000= 200

c) For profit of RM1250 let y unit be sold

Thus:
110y-60y-7000= 1250
50y= 8250
y= 8250/50
= 165 unit
165 unit must be sold in order to gain RM1250 profit
PART II (10%)

1.0 Screenshot OCP 1

With the help of the derivatives, we can find the optimum points of economic functions, if any.
For example, the use of derivatives is helpful to compute the level of output at which the total
revenue is the highest, the profit is the highest and (or) the lowest, marginal costs and average
costs are the smallest, etc. Traders use derivatives to access specific markets and trade different
assets. The most common underlying assets for derivatives are stocks, bonds, commodities,
currencies, interest rates, and market indexes. Contract values depend on changes in the prices of
the underlying asset. Differentiation is also known as calculus and integration as a tool of
mathematics Differentiation is mainly required for optimization which is done very frequently in
case of consumer and producer behavior. While maximizing utility profit production and
minimizing cost expenditure etc. In fact, optimization is used here and there and differentiation is
used almost each and every time.

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In business, blending in with the crowd should be the last thing on your agenda. Within a highly
competitive market, your organization needs to make an impression. That’s why differentiation
in economics business is vital. Essentially, differentiation in business refers to the principle of
setting your company apart from the competition through a specific element, such as your
distribution network or price-point. It provides a superior level of value to your customers and
helps your company to distinguish itself in the marketplace. As such, the main aim of any
differentiation strategy is to increase your business’s competitive advantage. The importance of
differentiation in business is clear – it helps companies develop unique niches within
competitive industries or markets, thereby enabling them to thrive. Many business owners try to
create companies that mean all things to all men, but that’s a largely impossible aim.
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Differentiation strategies in business can give you a way to compete against other firms without
getting into a price war. Whether you’re making a commitment to ethical business practices or
focusing on high-quality products that are built to last, you’ll have a USP that other companies
won’t that doesn’t simply involve lowering your prices until you’re dealing with unsustainable,
razor-thin margins. In addition, differentiation in business can help you build a unique
product/service, even if there isn’t much to distinguish your products from your competitors.
For example, bottled water companies (which largely produce the same product), can
distinguish themselves from the competition and develop brand loyalists through differentiation
strategies, such as focusing on a lower price-point, advertising the fact that the business is
family owned, and so on.

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The maximum value of a graph is the point where the y-coordinate has the largest value. The
minimum value is the point on the graph where the y-coordinate has the smallest value.
Minimum means the least you can do of something. For example, if the minimum amount of
Ringgit you must pay for something is seven, then you cannot pay six Ringgit or less (you must
pay at least seven). You can do more than the minimum, but no less. Maximum means the most
you can have of something. The maximum value of a graph is the point where the y-coordinate
has the largest value. The minimum value is the point on the graph where the y-coordinate has
the smallest value.

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A set of quantitative data has many features. One of the goals of statistics is to describe these
features with meaningful values and to provide a summary of the data without listing every value
of the data set. Some of these statistics are quite basic and almost seem trivial. The maximum
and minimum provide good examples of the type of descriptive statistic that is easy to
marginalize. Despite these two numbers being extremely easy to determine, they make
appearances in the calculation of other descriptive statistics. As we have seen, the definitions of
both of these statistics are very intuitive. We start by looking more closely at the statistics known
as the minimum. This number is the data value that is less than or equal to all other values in our
set of data. If we were to order all of our data in ascending order, then the minimum would be the
first number in our list. Although the minimum value could be repeated in our data set, by
definition this is a unique number. There cannot be two minima because one of these values must
be less than the other. Now we turn to the maximum. This number is the data value that is greater
than or equal to all other values in our set of data. If we were to order all of our data in ascending
order, then the maximum would be the last number listed. The maximum is a unique number for
a given set of data. This number can be repeated, but there is only one maximum for a data set.
There cannot be two maxima because one of these values would be greater than the other. The
following is an example data set:

23, 2, 4, 10, 19, 15, 21, 41, 3, 24, 1, 20, 19, 15, 22, 11, 4

We order the values in ascending order and see that 1 is the smallest of those in the list. This
means that 1 is the minimum of the data set. We also see that 41 is greater than all of the other
values in the list. This means that 41 is the maximum of the data set.