• Algebra of matrices, inverse of a matrix, Matrix Operation – Business Application
• Solution of system of linear equations (not more than 3 variables) using matrix inversion Method an Cremer’s Rule. The Leontif Input Output Model.
• Mathematical functions and their types –Linear, Quadratic, Polynomial, Logarithmic and Logistic Function. Concepts of Limit and Continuity of a Function
• Concept of Differentiation, Maxima and Minima involving second or higher
• order derivatives
• Concept of Marginal Analysis, Concept of Elasticity, Applied Maximum and Minimum problems including effect of tax on Monopolist’s optimum price and quantity, Economic order quantity
• Partial differentiation. Partial derivatives up to second order.
• Homogeneity of functions and Euler’ theorem. Total differentials. Differentiation of implicit functions with the help of total differentials.
• Maxima and Minima incase of two variables involving not more than one constraint including the use of the Lagrangean multiplier
• Integration. Standard forms. Methods of integration – by substitution, by parts and by use of partial fractions. Definite integration.
• Application of integration in marginal analysis.
• Consumer’s and Producer’s surplus, Rate of Sales. The Learning Curve.
• Rates of interest – nominal, effective – and their inter- relationships in different compounding situations.
• Compounding and discounting of a sum using different types of rates.
• Types of annuities – ordinary, due, deferred, continuous, perpetual – and their future and present values using different types of rates of interest. Depreciation of Assets, Valuation of simple loans and debentures,
• Sinking Fund.
• Formulation of programming problems (LPP). Graphical Solution to LPPs. Cases of unique and multiple optimal solutions. Unbounded solutions, infeasibility, and redundant constraints.
• Solution to LPPs using Simplex method – maximization and minimization cases.
• Identification of unique and multiple optimal solutions, unbounded solution, infeasibility and degeneracy.
• The Dual Problem: Formulation of the Dual, Primal – Dual Solutions: (Excluding solution of dual problem when the primal problem involves mixed constraints.) Economic interpretation of the dual.
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