BUSINESS MATHEMATICS

By

ANGELIQUE DUKUNDE
 What is a set?
Sets: A set is a well-defined collection of distinct objects.We assume
that,
● The word set is synonymous with the word collection, aggregate, class
and comprises of elements.
● Objects, elements and members of a set are synonymous terms.
● Sets are usually denoted by capital letters A, B, C, .....,.
● Elements of the set are represented by small letters a, b, c, ....., etc.

If ‘a’ is an element of set A, then we say that ‘a’ belongs to A. We denote the
phrase ‘belongs to’ by the Greek symbol ‘∈‘ (epsilon). Thus, we say that a
∈ A.

If ‘b’ is an element which does not belong to A, we represent this as b ∉ A

Cardinal Number of a Set
 The number of distinct elements in a given set A is called the
cardinal number of A. It is denoted by n(A). For example: •
A {x : x ∈ N, x < 5}
A = {1, 2, 3, 4} ; Therefore, n(A) = 4 , • B = set of letters
in the word ALGEBRA
B = {A, L, G, E, B, R}
Therefore, n(B) = 6
Specific sets
 Empty set (Or a Null set)
The empty set is the set which does not contain any element.
 The unique set with no elements
is called empty set and denoted by .
 Set Properties that involve  .
For all sets A,
1.   A
2. A   = A
3. A   = 
4. A  Ac = 



 Complement set
The complement of set with respect to a universal is a set that
contains all elements in the universal set but not in a given set.
Identical and Equivalent sets
 Two sets A and B are said to be identical or equal if they
contain the same elements. Every element of A is an element
of B and every element of B is an element of A.
For example: A = {p, q, r, s}
B = {p, s, r, q}
Therefore, A = B
 Two sets A and B are said to be equivalent if their cardinal
number is same, i.e., n(A) = n(B). The symbol for denoting
an equivalent set is ‘↔’.
For example:A = {1, 2, 3} Here n(A) = 3
B = {p, q, r} Here n(B) = 3 ; Therefore, A ↔ B
 Notation
 S={a, b, c} refers to the set whose elements are a, b and c.
 aS means “a is an element of set S”.
 dS means “d is not an element of set S”.
 {x S | P(x)} is the set of all those x from S such that P(x) is true.
E.g.,T={x Z | 0<x<10} .
 Notes: 1) {a,b,c}, {b,a,c}, {c,b,a,b,b,c} all represent the same
set.2) Sets can themselves be elements of other
sets, e.g., S={ {Mary, John}, {Tim, Ann}, …}
 Relations between sets
 Definition: Suppose A and B are sets. Then
A is called a subset of B: A  B
iff every element of A is also an element of B.
Symbolically,
A B  x, if xA then x B.
 A  B  x such that xA and xB.

A A B
B B A

AB AB AB

 Cardinal Number of a Set
 The number of distinct elements in a given set A is called the
cardinal number of A. It is denoted by n(A). For example: •
A {x : x ∈ N, x < 5}
A = {1, 2, 3, 4} ; Therefore, n(A) = 4 , • B = set of letters
in the word ALGEBRA
B = {A, L, G, E, B, R}
Therefore, n(B) = 6
 Relations between sets
 Definition: Suppose A and B are sets. Then
A equals B: A = B
iff every element of A is in B and
every element of B is in A.
Symbolically,
A=B  AB and BA .

 Example: Let A = {mZ | m=2k+1 for some integer k};

B = the set of all odd integers.
Then A=B.
 Operations on Sets
Definition: Let A and B be subsets of a set U.
1. Union of A and B: A  B = {xU | xA or xB}
2. Intersection of A and B:
A  B = {xU | xA and xB}
3. Difference of B minus A: B−A = {xU | xB and xA}
4. Complement of A: Ac = {xU | xA}

Ex.: Let U=R, A={x R | 3<x<5}, B ={x R| 4<x<9}. Then

1) A  B = {x R | 3<x<9}.
2) A  B = {x R | 4<x<5}.
3) B−A = {x R | 5 ≤x<9}, A−B = {x R | 3<x ≤4}.
4) Ac = {xR | x ≤3 or x≥5}, Bc = {xR | x ≤4 or x≥9}
Cardinality of the Union

 In a group of 60 people, 27 like cold drinks and 42 like hot

drinks and each person likes at least one of the two drinks.
How many people who like both cold drinks and hot drinks?
 Set Properties
 Commutative Laws:
(a) A  B = B  A
(b) A  B = B  A

 Associative Laws:
(a) ( A  B)  C = A  ( B  C )
(b) ( A  B)  C = A  ( B  C )

 Distributive Laws:
(a) A  ( B  C ) = ( A  B)  ( A  C )
(b) A  ( B  C ) = ( A  B)  ( A  C )
 Set Properties
 Double Complement Law:

(A ) = A
c c

 De Morgan’s Laws:
(a) ( A  B) c = A c  B c
(b) ( A  B ) = A  B
c c c
 Disjoint Sets
➢ A and B are called disjoint iff A  B =  .
➢ Sets A1, A2, …, An are called mutually disjoint
iff for all i,j = 1,2,…, n
Ai  Aj =  whenever i ≠ j .
➢ Examples:
1) A={1,2} and B={3,4} are disjoint.
2) The sets of even and odd integers are disjoint.
3) A={1,4}, B={2,5}, C={3} are mutually disjoint.
4) A−B, B−A and AB are mutually disjoint.
Application of sets
 There are 35 students in art class and 57 students in dance
class. Find the number of students who are either in art class
or in dance class. When two classes meet at different hours
and 12 students are enrolled in both activities when two
classes meet at the same hour.
 In a group of 100 persons, 72 people can speak English and
43 can speak French. How many can speak English only?
How many can speak French only and how many can speak
both English and French?
 In a competition, a school awarded medals in different
categories; 36 medals in dance, 12 medals in dramatics and
18 medals in music. If these medals went to a total of 45
persons and only 4 persons got medals in all the three
categories, how many received medals in exactly two of these
categories?
 Each student in a class of 40 plays at least one of football,
volleyball and basketball. 18 play football, 20 play volleyball
and 27 play basketball. 7 play football and volleyball, 12 play
volleyball and basketball and 4 play football, volleyball and
basketball. Find the number of students who play (a) Football
and basketball. (b) Football and volleyball but not basketball.
EXERCISES
 Consider the following data among 110 students in a college
dormitory:
 30 students are on a list A (taking Accounting), 35 students
are on a list B (taking Biology), 20 students are on both lists.
Find the number of students: (a) on list A or B, (b) on exactly
one of the two lists, (c) on neither list.
Ex2
Consider the following data for 120 mathematics students: 65 study
French, 20 study French and German,45 study German, 25
study French and Russian, 42 study Russian, 15 study German
and Russian, 8 study all three languages
 (a) Fill in the correct number of students in each of the eight
regions of the Venn diagram. (b) Find the number k of students
studying: (1) exactly one language, (2) exactly two languages.
Ex3
In a survey of 60 people, it was found that: 25 read Newsweek
magazine, 9 read both Newsweek and Fortune, 26 read
Time, 11 read both Newsweek and Time, 26 read Fortune,
8 read both Time and Fortune, 3 read all three magazines
(a) Find the number of people who read at least one of the
three magazines (b) Fill in the correct number of people in
each of the eight regions of the Venn diagram in where N, T,
and F denote the set of people who read Newsweek, Time,
and Fortune, respectively.
(c) Find the number of people who read exactly one
magazine.
 A group of 40 tourists arrived in Rwanda and visited

Akagera National park, Nyungwe forests and Virunga

mountains. Results showed that 33 visited Akagera, 21 visited
Nyungwe and 23 visited Virunga. 18 visited both Akagera
and Nyungwe, 10 visited both Nyungwe and Virunga, and 17
visited both Akagera and Virunga. All tourists visited at least
one of the places.
 (a) Represent the information on a Venn diagram.

 (b) Find the number of tourists that visited Akagera only.

Ex4
Among the 90 students in a dormitory, 35 own an automobile, 40
own a bicycle, and 10 have both an automobile and a bicycle.
Find the number of the students who:
 (a) do not have an automobile.
 (b) have an automobile or a bicycle;
 (c) have neither an automobile nor a bicycle;
 (d) have an automobile or a bicycle, but not both.
 Partitions
 Definition: A collection of nonempty sets
{A1, A2, …, An} is a partition of a set A iff
1. A = A1  A2  …  An
2. A1, A2, …, An are mutually disjoint.
 Examples:
1) {Z+, Z-, {0} } is a partition of Z.
2) Let S0={n  Z | n=3k for some integer k}
S1={n  Z | n=3k+1 for some integer k}
S2={n  Z | n=3k+2 for some integer k}
Then {S0, S1, S2} is a partition of Z.
Power Sets
 Definition: Given a set A,
the power set of A, denoted P (A) ,
is the set of all subsets of A.
 Example: P ({a,b}) = {, {a}, {b}, {a,b}} .
 Properties:
1) If A  B then P (A)  P (B) .
2) If a set A has n elements
then P (A) has 2n elements.
Exercise: Find the power set of A={1,2, 3, 4}
Cartesian product
SET OF NUMBERs


The set of Rational numbers Q





Properties of real numbers
 Commutative property
 Associative Property
 Identity Property
 Symmetric property
 Distributive property


EQUATIONS OF 1ST AND 2ND ORDERS
AND INEQUALITIES
 Equations and inequations occur very often in economic
analysis. The solution of many problems in economics
involves the solution of equations intended to determine
the values of the variables in the problems. Equations and
inequations can either be linear, quadratic or any other
non-linear equations or inequations of higher degrees.
 Cont’d
 Definition
 An equation is an expression with an equal sign. I n
addition to this, in equations, unlike in functions, none of
the variables in the expression is designated as the
dependent variable or the independent variable, although
the variables are explicitly related.
 Equations of first order or linear equation
 Formulation and examples
 The linear equation has this standard for
 Cont’d

ax + b = 0
 Cont’d
 Example: Write the following equations in standard form
x −3
a)2 x + 3 =
4
2x + 3 x −3
b) =
8x + 7 4x − 3

 Solution of linear equations

To solve an equation involving a variable is to find the value or
roots of the equation, and the set of these values is referred to as
the solution set.
 Cont’d
ax + b = 0  ax = −b
−b
 x =
a
−b
S ={ }
a
 Example1:
 Solve the following
3x x
= + 9
4 4

x + 3 x −1 1
− =
16 4 8


 Cont’d
 Example2: The sum of two consecutive odd numbers is
32.What are the two odd numbers?
 Example3: A consumer P spends a monthly average of 23
shillings more on luxury goods than a second consumer Q.
Both P and Q spend 139 shillings on luxury goods. What is
the average monthly expenditure of each of the two
consumers?
 Cont’d
 Example4: The national income,Y, of a country is given by:
Y=C+I+G
 Where C, I and G are, respectively, the consumption,
investment and government expenditure components of the
country’s national income. Consumption is the size of
investment, but 50,000 shillings less than government
expenditure. If the national income of the country is
1,050,000 shillings, find the levels of consumption,
investment and government expenditure for the country?
.
Cont’d
.
Cont’d
Cont’d
 Examples:
In , solve the following quadratic equations:
Cont’d
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Cont’d
 Non linear inequalities
 Product and quotient: Studying signs

Quadratic inequalities
Exercises

ABSOLUTE VALUE




Powers and radicals

Rational Exponents


 NUMERICAL FUNCTION
RELATIONS
 Definition: Let A and B be sets. A binary relation or, simply,
a relation from A to B is a subset of A x B. Suppose R is a
relation from A to B. Then R is a set of ordered pairs where
each first element comes from A and each second element
comes from B. That is, for each pair a ∈A and b ∈ B, exactly
one of the following is true:
 (i) (a, b) ∈ R; we then say "a is R-related to b", written aRb.
 (ii) (a, b) R; we then say" a is not R-related to b", written a
b.
 Cont’d
 The domain of a relation R from A to B is the set of all first
elements of the ordered pairs which belong to R, and so it is
a subset of A; and the range of R is the set of all second
elements, and so it is a subset of B. Sometimes R is a relation
from a set A to itself, that is, R is a subset of A 2 = A x A. In
such a case, we say that R is a relation on A
 Cont’d
 3.6 Inverse Relation
 Let R be any relation from a set A to a set B. The inverse of
R, denoted by R- 1 , is the relation from B to A which
consists of those ordered pairs which, when reversed, belong
to R; that is,
 R- 1 = {(b, a) : (a, b) ∈ R} For example: If R = {( 1 , y) , (1,
z) , ( 3, y) } , then R - 1 = {(y, 1), (z, 1), (y, 3) } .[Here R is
the relation from A = {I, 2, 3} to B = {x,y, z}
 Clearly, if R is any relation, then (R- 1 )-1 = R.
.
 3.7 Functions:
 A function is a relation in which each element of the domain
is paired with exactly one element of the range. Another way
of saying it is that there is one and only one output (y) with
each input (x).

 In mathematics, a function is a relation between a set of

inputs and a set of permissible outputs. Functions have the
property that each input is related to exactly one output.

 In the case of a function with just one input variable, the
input and output of the function can be expressed as an
ordered pair. The order is such that the first element is the
argument and the second is the output. In the

 If both the input and output are real numbers then the
ordered pair can be viewed as the Cartesian coordinates
of a point on the graph of the function.

 Functions are often described as a machine in a box that is
open on two ends.You put something into one end of the
box, it gets changed inside of the box, and then the result
pops out the other end. The function is the machine inside
the box and it is defined by what it does to whatever you put
into it.
Real valued functions
 Definitions
 The set I of all those real numbers x for which f(x) has a
meaning (or is defined) is called domain or domain of
definition of the function f and it is denoted by domf or Df
 If the elements of the domain and range are represented by x
and y respectively; then f symbolizes the function and
describes the relation between x and y so that x is the
independent variable (input variable) and y is the dependent
variable (output variable), then y is a function of x .

Classification and combinations of
functions
Elementary functions are divided into three categories:
 (1) Algebraic
 (2) Trigonometric, and
 (3) Logarithmic and exponential functions
The most common type of elementary function is a polynomial
function
i. Definition of Polynomial function Let n be a nonnegative
integer. The

 Polynomials functions and rational functions are two
examples of a larger class of functions called algebraic
functions.
 - An algebraic function is one that can be expressed in terms
of finitely many sums, differences, multiples, quotients, and
radicals involving the variable. For example the following
functions are algebraic:

 Functions which are not algebraic are called Transcendental.


Determination of the domain and
range of elementary functions
 Domain of definition Determination of domain of definition
a real valued function Domain of a real valued function is the
set of all real numbers for which the expression of the
function is defined as a real number. In other words, it is all
the real numbers for which the expression makes sense.
Domain of definition of polynomial
functions

Domain of definition of Rational
functions

Domain of definition of Irrational
functions



EXERCISES

RANGE

 The range of f is the set of all real numbers y such that x can
have a meaning (is defined).
 Note that: The domain of definition is the set of all values
that can be substituted for the independent variable x. When
determining the domain of definition, it can be helpful to
keep these steps in mind. (1) Ask yourself, “Is there any
number that cannot be substituted for x ?” (2) If x is in the
denominator of a rational expression, determine what
value(s) of x will make the denominator equal 0 by setting
the expression equal to zero. Solve for x. This (these) x -
values are not in the domain. (3) If the expression contains a
radical and x is in the radicand, set up an inequality so that
the radicand is greater than 0 . Solve for x . These are the
values of x in the domain
Parity of a function
 Even function
Odd function


Exercises
Composition of functions
Exercises

The inverse of a numerical function
LOGARITHM AND EXPONENTIAL
FUNCTIONS
Cont’d
Solving Exponential equations
Cont’d
Cont’d
Cont’d
.
Cont’d
 Change of base formula
 While there are several useful identities, the most important
for calculator use lets one find logarithms with bases other
than those built into the calculator (usually loge and log10).
 To find a logarithm with base b, using any other base b
 LIMITS AND CONTINUITY

Cont’d
Right- and left – hand limits (One –
side limits).
Evaluation of algebraic limits by
direct substitution

Infinity limits

Limits at infinity


Theorem on limits
 Limit of a polynomial function at
infinity
Indeterminate forms
Cont’d
 More exercises on page 82
Continuity
Continuity at a point
Continuity at on an interval
Cont’d
DERIVATIVES
Cont’d
.
.
.
APPLICATION
Cont’d
Cont’d
.
 INTEGRATIONS(RULES: INDEFINITE AND
DEFINITE FOR SIMPLE FUNCTIONS)
 1. Indefinite integral
 The study of integral calculus is an inverse problem of the
differentiation. This study relies heavily on notions of
derivative and differential, so in the following we assume that
these concepts are already known.
 1.1. Definitions
 Let f (x) be a differentiable function of one real variable. We
already know how to calculate the derivative . Assume now
the opposite problem: Given the function f (x), the derivative
of a function F (x), i.e. = f (x), reconstruct the function F (x).
Cont’d
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 Cont’d
 1.3. Methods of integration
 During integration, there are different methods used to find
an antiderivative function. All techniques or transformations
carried out during this process is to ensure we get the
expressions for which the antiderivatives are immediate.
Before we go through all those different integration methods
we give a list of antiderivatives of functions known as
immediate antiderivatives
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
MATRICES
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 Resolution of the system

 Resolution of the system by Gauss’s method

 Resolution of the system by Cramer’s method

 . Resolution of the system by using inverse matrix

 Cont’d
 Example: Use all method to solve the following system of
equation:
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APLICATION IN BUSINESS
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THANKS