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definition of business mathematicsWhat is mathematics?

Mathematics: Mathematics is the science of order, space, quantity and relation. It is that science in which unknown magnitudes and relations are derived from known or assumed ones by use of operations defined or derived from defined operations.

Types of mathematics: There are two important types of mathematics

  • Abstract mathematics: Mathematics that is used to do the general operations or activities in our daily life is called abstract mathematics. For example, accounting, financial mathematics.
  • Applied mathematics: Mathematics that is pure which deals with analysis, observation and experiences of various facts. For example, applied physics, chemistry and medical science

What is business mathematics?

Business mathematics: Mathematics that is used by commercial enterprises to record daily transactions, forecast demand and supply as well as other commercial operations known as business mathematics.

Importance of business mathematics: Business mathematics is essential to keep track of an organization day to day operation. The importance of business mathematics briefly mentioned below

  • To record daily transaction of business: An organization uses business mathematics to keep record of their daily transaction. How much product they sold today? How much profit organization earned from today's operation etc. are calculated using business mathematics.
  • To forecast production: Organizations analyzes there product demand and uses business mathematics to determine how much production should be done meet up these demand.
  • To forecast sales volume: Once an organization determine their production they calculate their sales volume using business mathematics. 
  • To calculate profit or loss: Organizations uses business mathematics to calculate their total cost (TC), total revenue (TR) and total profit (TP) from the operation.
  • To reduce wastage: If a company forecast their production than they can determine what resources they need such labor, funds etc. And business mathematics is essential to determine these resources. This way an organization can reduce wastage of resources.
What is prime number?

Prime Number: A number which is not exactly divisible by any number except itself and unity (1) is called prime number. Such as, 2,3,5,7,11,17

Example mathematics of prime number

Problem: How many prime numbers are between 1 to 100?

Solution: There are 25 prime numbers such as, 2,3,5,7,11,13,17,19,23,29,31,37,41,43,47,53,59,61,67,71,73,79,83,89,97

Problem: Is the number 97 prime?

Solution: Yes! It is a prime number. An approximate square root of 97 is 10. The prime less than 10 is 2,3,5,7. 97 is not divisible by any numbers. So 97 is a prime numbers.

Problem: Is the number 161 prime?

Solution: An approximate square root of 161 is 13. The prime less than 13 is 2,3,5,7,11. 161 is dvisible by (161/7)= 23. So 161 is not a prime number.

What is integer(whole number)?

Integer(whole number): Integer are the whole numbers either positive, negative or zero.

Positive integer: 1,7,8,16
Negative integer: -5,-7,-8

Zero(0) is an even integer. It is neither positive nor negative.
An integer is said to be even (2n) if it is divisible by 2 otherwise it is said to be odd (2n+1) or (2n-1)

The formula of consecutive integer is
n, (n+1), (n+2),(n+3)………….Here n is an integer

Example mathematics of integer

Problem: The difference between the square of two consecutive integer is 47. Find them

Solution: Let the numbers be n and (n+1)

According to the question,

     (n+1)² - n² = 47
or, n²+2n+1-n² = 47
or, 2n+1 = 47
or, 2n = 46
or, n = 46÷2
or, n = 23

So (n+1) = (23+1) = 24

Therefore the required numbers = 23 and 24

Problem: The difference of the square of two consecutive integer is 53. Find them

Solution: Let the numbers n and (n+1)

According to the question,

   (n+1)² - n² =53
or, n²+2n+1+n² = 53
or, 2n+1 = 53
or, 2n = 52
or, n = 52÷2
or, n = 26

So (n+1) = (26+1) = 27

Therefore, the required numbers are 26 and 27

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What is business mathematics? Importance of business mathematics
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