Applications Functions are Core Concepts in Mathematics

Provide a 2 pages analysis while answering the following question: Module Two. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required.

Provide a 2 pages analysis while answering the following question: Module Two. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. Functions and Sets: Applications Functions are a core concept in mathematics and they are applied in almost every discipline ranging from medical to the advanced science. Business decisions are mostly based on identifying a mathematical representation of a real world scenario. For example there can be a relationship between price and demand or interest and loans. If you depict the picture of reality in your model properly then only your decisions can be successful. Mathematical functions are important tools which assist in capturing the relationship between two variables of the real world environment. Here is a generic form of function:

where q is the quantity demanded and p is the price of the product

Don't use plagiarized sources. Get Your Custom Essay on
Applications Functions are Core Concepts in Mathematics
Just from $10/Page
Order Essay

There are various applications of functions in business domain and some of them are discussed below:

1. Quantity demanded is a function of price, if price increases than quantity demanded goes down.

2. The wages of the workers are dependant on the number of hours worked. Sales person salary is dependant on the number of units of product that he sells.

3. Total cost for a project is dependant on the amount of fixed costs and the variable costs.

4. Economic Order Quantity (EOQ) formula is also represented as a function. EOQ is the number of units in an order that minimizes the total costs. EOQ is a function of setup costs and the cost of holding inventories.

5. The concepts of present values and future values used in finance are also represented as function.

6. The depreciation and machine value are also some how related and can be represented as functions.

7. Make or Buy decisions are the most important decisions made by the managers. Managers define the models as functions and then make decision for whether to produce the materials themselves or outsource them.

8. The profit is a function of cost and revenue.

Where q = quantity sold

9. Forecasting of various variables can be represented using functions. For instance if we want to predict the next year profit then we will first find out the linear equation from the past data using regression tools and then we can simply put the value of the year for which we want to predict the profits.

Sets are fundamental concept of mathematics. A set is a well-defined collection of objects. For instance, a set of people who have defaulted on loans amounting $500,000. The set theory involves operation related to sets (union, intersection and complement etc.). These sets are also vital for business applications. For example, let’s say that,

A = set of customers buying more than two shampoo’s at a time.

B = set of customers buying a conditioner.

The set theory has a limited usage in business world but set theory concepts provide a useful vehicle for presenting and discussing probability concepts. These probability mechanisms are applied thoroughly in business world. Fuzzy set theory is also an emerging concept that is being applied now days for business applications.

Works Cited

Budnick, S. Frank. Applied Mathematics for Business, Economics, and the Social

Sciences. Singapore: McGraw-Hill, 1993

Barnett, A. Raymond & Michael R. Ziegler College Algebra.

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
error: Content is protected !!
Open chat
You can contact our live agent via WhatsApp! Via +1 817 953 0426

Feel free to ask questions, clarifications, or discounts available when placing an order.

Order your essay today and save 30% with the discount code STARS