Mathematics in Economics and Management: Examples and Exercises

The book has been developed for students of first year courses in International Relations, Finance and Management. It is prepared in a way that allows you to learn by yourself. Hence, great emphasis was placed on the examples. They are resolved “step by step” to make it easy to understand them. Author also briefly discussed some of the issues that should be discussed in high school, but often cause some trouble: solving polynomial and rational equations and inequalities, basic properties of exponential and logarithmic functions.

Chapters 1, 2 and 3 introduces you to the basic issues related to logic and set theory. It has been discussed, inter alia, issues such as the sentence algebra, quantifiers, set theory, and relations. Chapters 4 and 5 presents the basics of linear algebra. You will learn from it how to apply arrays, vectors, determinants and linear systems in economics. Chapters 6–13 contains the basic concepts of calculus and their economic applications. So here you will find the methods of determining the limits and derivatives, finding the extrema, and solving the differential and difference equations. In chapters 12 and 13 you will find, among others, the information about marginal analysis and foundations of financial mathematics. The last chapter (14) presents the foundations of probability theory, including most important from the point of view of your future work, random variables. Each chapter consists of at least two sections, almost each section consists of four parts. First of them is a short theoretical introduction (it is enough for understanding the examples and solving the exercises, but it is not exhausting the topic). Almost each theoretical part ends with a short description of how to use WolframAlpha® to solve the examples of respective kind. WolframAlpha® is a free web application derived by Wolfram.