Math for Business and Economics: Compendium of Essential Formulas

This 3rd edition revised and extended compendium contains and explains essential mathematical formulas within an economic context. Newly added content introduces the mathematical practical application of optimization by using the Lagrange function, presenting the issue of linear optimization cases where the relative extremes (minima or maxima) of a linear (target) function can be determined under restrictive linear constraint and its relevance for business management practice.

A broad range of aids and supportive examples will help readers to understand the formulas and their practical applications. This mathematical formulary is presented in a practice-oriented, clear, and understandable manner, as it is needed for meaningful and relevant application in global business, as well as in the academic setting and economic practice. The topics presented include but are not limited to mathematical signs and symbols, logic, arithmetic, algebra, linear algebra, combinatorics, and financial mathematics, including an international comparison between different national methods used in the calculation of interest, optimization of linear models, functions, differential calculus, integral calculus, elasticities, annuity calculation, economic functions, and the Peren Theorem.

Given its scope, the book offers an indispensable reference guide and is a must-read for undergraduate and graduate students, as well as managers, scholars, and lecturers in business, politics, and economics.

Franz W. Peren is a professor of business administration at the Bonn-Rhein-Sieg University, Germany, specializing in quantitative methods. He has been teaching business mathematics, business statistics, and quantitative methods in planning, taxation, and controlling within operational and strategic management since 1993, mainly at German universities of applied sciences. He has also taught and conducted research as a visiting professor at the University of Victoria in Victoria, BC, Canada, and at Columbia University in New York City, USA.