This module extends the first year Essential Analytic Skills for Business module but focusing on the mathematics element only.

MN-2506 Maths 2 for Business

Academic Year 2019-20

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Module Handbook

Module Co-ordinator:
Dr Tegwen Malik
Office: Bay Campus SoM Room 322
Office Hours: Monday 10:30 – 11:30; Tuesday 10:30-11:30
Email: F.T.Malik@swansea.ac.uk
Appointments are by appointment only

Teaching Staff:
Dr Tegwen Malik {details as above}
GTA (TBC)

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School of Management
MN-2506 Maths 2 for Business

Module Overview

Introduction

This module extends the first year Essential Analytic Skills for Business module but focusing on the mathematics element only. This module provides further tools and techniques in mathematics, mainly focusing on basic calculus such as differentiation, optimisation, elasticity, integration, all of which will have some relevant business applications. Hence this module will be very much active learning in lectures and seminars.

This booklet contains:
• an introduction to the module
• lecture and seminar locations
• details of the core textbook
• information on assessment and feedback, including the coursework brief
• an overview of the entire module

Lecture & Seminar Locations

Weekly 2hr Lectures will take place in Great Hall Room 001 on Monday 12:00pm to 2pm.

There are 10 X 1 hour seminars. Check your personal timetable to find out which seminar you need to attend. They will either in:
• SoM, Room 103 Monday 2pm to 3pm
• SoM, Room 107 Thursday 11am to 12pm
• The Great Hall, Room 022 Thursday 2pm to 3pm

Students will be automatically allocated to seminar groups. Students who need to change their seminar group, for good reason, should go to the Student Information Office or e-mail SoMSupport@swansea.ac.uk

Please note: Lecture/seminar times and locations may change in the first two weeks of term. Please check Blackboard announcements and the timetable data displayed on the Intranet for regular updates.

Communication

Lecture notes will be posted on Blackboard along with announcements and any administrative notices.

Learning Outcomes

On completion of this module students should be able to:-

• Understand and apply differentiation for business needs

• Understand optimisation of functions and how to apply this to businesses (for example to maximise profit)

• Apply mathematical understanding to read graphical plots for business evaluation

• Understand market systems and how these can be understood by analysing relevant graphs/plots and their respective demand curves (such as their price elasticity)

• Have a general appreciation of some of the mathematical concepts that are relevant to business

Transferrable Skills

Analytical skills: students are required to critically assess and evaluate various course materials and be able to extrapolate appropriate solutions from this analysis. This trains transferable analytical and cognitive skills with particular emphasis on management/business performance.

Problem solving: this module covers the methods and techniques necessary to identify underlying business problems/scenarios. This ability developed during the module will be directly transferable to a diverse range of work place problems.

Improve learning and performance: students are required to systematically plan their work to meet deadlines and to have a logical/methodical approach in tackling their assignments.

Reading Material

The full reading list for this module is available via Blackboard in the ‘Reading List’ folder.

The core textbook for the module is:

Essential Mathematics for Economics and Business (4th Edition). Teresa Bradley. Wiley.

Previous versions of this textbooks are not fundamentally different so can be purchased as
alternatives, if wished.

A core textbook is only a starting point and provides introductory and background information only. Supplemental reading will be identified at each lecture. To achieve high marks in this module students will need to do the background and supplemental reading as well as conduct their own independent research for instance through the reading of academic journals, into the topics identified.

You may also be interested in this textbook too which also covers some of the concepts:
Mathematics for Economics and Business (8th Edition). Ian Jacques. Pearson.

Assessment

The assessment for the module is structured as follows:

• x 50% Individual Assignments

• Resit – Individual coursework assignment worth 100% of the overall Module Mark.

If you fail this module you will be required to resit a supplementary coursework assignment during the supplementary assessment period, to the relevant Blackboard site for the module. The resit
coursework will be weighted as 100% of the overall module mark – the initial assessment
weightings do not apply for resits. The resubmission date of the 100% supplementary coursework assignment will be by 3pm on 11th August 2020.

Feedback to the coursework will be provided within three calendar weeks of submission. All feedback for the coursework assignments will be provided through GradeMark. Marks will be made available via Grade Centre in Blackboard and your university student portal. Please note that all marks are provisional until they have been ratified by a progression or award board and are therefore subject to change. Anonymous examples of good and bad practice will be shown in the final week of the module.

Submission in Welsh
Any written work submitted as part of any assessment or examination may be submitted in Welsh, and that work submitted in Welsh will be treated no less favourably than written work submitted by you in English as part of an assessment or examination.

School of Management
MN-2506 Maths 2 for Business

Individual Coursework Assignment

There are TWO individual coursework assignments in this module, each of which worth 50% of the
overall module mark.

Coursework Brief

There are two coursework assignments for this module. The first one will be half way through the module and will cover the first half of the module content. The second assignment, whilst covering mainly the second half of the module content, it will require you to draw upon knowledge learnt from the first half as well.

Each assignment will be available in Blackboard three calendar weeks before their deadlines. You must present solution steps with a clear structure and logical presentation, which should be easily readable, especially for electronic copies of handwritten assignments. You will be marked on the final answer AND on each step (your methods) you have written in achieving the answer (in the same way that you will be taken step-by-step in examples in lectures/seminars/homework solutions). You are expected to present final answers in their simplified form. You should use accurate mathematical symbols and expressions, and it is recommended to check they are displayed clearly and correctly after submission to Turnitin.

Coursework 1: Assignment 1
This assignment will include questions on the first half of the module (e.g. derivatives and differentiation, market structures and optimisation of functions of one variable).

It will be available in Blackboard on 24th February and must be submitted by 16th March at 3pm.

Coursework 2: Assignment 2
This assignment will include questions on the second half of the module (e.g. elasticity, integration, profit maximisation, producer/consumer surplus). However, as lectures build on knowledge, this assignment will likely require you to draw upon elements from the first half of the module as well.

It will be available in Blackboard on 30th March and must be submitted by 27th April at 3pm.

Key Marking criteria will include:
• Solution: Correctness of answers and methodology of solution steps
• Organisation: Clarity of structure and presentation (if it is not clear you will not receive marks). You are advised to use the ‘insert an equations’ option in word rather than submit a handwritten assignment If you choose to submit it handwritten then it MUST be clearly written)
• Writing Quality: Readability and ability to convey key message(s) concisely (Please ensure that you upload your submission the right way up!)
• Understanding: Demonstration of knowledge and understanding of the key topics and the methods/formulas required to reach the correct answer.
• Evaluation: Evidence of clear thinking and awareness of the appropriate steps in reaching a solution
• Overall Quality of Assignment

Submission

Coursework assignment 1 must be submitted by submitted by 16th March at 3pm via Turnitin. Students can expect to receive individual feedback on their work via Turnitin typically 3 weeks from date of submission.

Coursework assignment 2 must be submitted by submitted by 27th April at 3pm via Turnitin. Students can expect to receive individual feedback on their work via Turnitin typically 3 weeks from date of submission.

Please note:

• The maximum file size that can be uploaded is 20mb. If your file is larger than this it is usually because you have included a lot of images – you should either remove some if possible, or else convert them to a more efficient format to bring the file size down (e.g. .png or .gif).

• You should ensure your student number is in the title of the filename for the work you submit/upload.

• For undergraduate students, the School of Management operates a late penalty system as follows: when work is submitted late with no prior authorisation, a penalty of 10 marks will be deducted from the actual mark for each calendar day, or part of a day, by which the deadline is exceeded. After seven days from the initial deadline, a mark of zero will be awarded. Late work should be submitted electronically in the usual way.

If the penalty for late submission exceeds the mark awarded for the component then the component will receive a final mark of 0%.

Digital Submission of Coursework Instructions

• Logon to Blackboard.
• Access the appropriate Module site.
• Click the Assignment menu button which appears on the left of the screen.
• In this folder you will see a file entitled ‘Student Declaration form’. You need to complete this form and incorporate it as the first page of your coursework (not two separate files).

• Click Coursework. Please read the statement of originality before you click “submit”. By submitting work you are agreeing to this statement and confirming it to be true.
• Complete the dialogue box with your forename and surname
• To submit your coursework, locate the correct file on your computer by clicking the “browse” button and enter a title for the coursework (we suggest the module code and your student ID MNB108 123456). Click SUBMIT
• You will then be asked to check if the document is the one you wish to submit and if so click “YES, SUBMIT”
• You will then receive a message saying “paper successfully complete”.
• BLACKBOARD will then send you a confirmation email of submission. Please keep this receipt safe as evidence of your submission.

If you experience any difficulties submitting your work via Turnitin please contact the Student Hub straight away at SoMAssessment@swansea.ac.uk

Notes on Style and Word Count

Assignments are a critical part of the learning experience and development for scholars at Swansea University. Practice will pay dividends when it comes to honing your skills in report and essay writing. Students are therefore encouraged to submit the highest quality work they can to reach their maximum potential. Students with concerns about how to present their work can consult with the Module Co-ordinator for guidance in addition to the notes listed below:

Whilst students may wish to hand write their assignment, please remember that it MUST be clear and readable. It is encouraged that students use the word document’s ‘insert equation’ option to answer the questions step-by-step as this will ensure readability and quality.

The maximum word limit for each individual assignment (excluding references, tables, contents
page, footnotes, charts, graphs, figures) is 1000 words. The word count must be stated in the
assignment cover sheet.

Markers will stop marking once the word count [or time limit] limit has been reached, likely leading to a reduced overall mark as key arguments or conclusions will not be included in the marked work.

Students who submit work that is below the word limit will not be penalised. This is because students will not have taken full advantage of the word limit available to them, which in itself may constitute a penalty.

Video, Audio or other Assessment Types
For some assessments students may be required to submit a video, audio or other digital media item. The University’s overarching privacy policy advises students that the University will collect photographs and video recordings for the purpose of recording lectures, student assessment and examinations. This processing and storage of this information is lawful as it is necessary for the performance of a contract with the student and will apply to any personal data that we process for the purposes of administering and delivering their course of study.
https://www.swansea.ac.uk/media/Student-Data-Protection-Statement-18-19.pdf

Proof Reading
Please be aware of the university’s Proof Reading policy which sets outs what the university considers to be good academic practice in relation to proof reading. The School of Management allows proof reading but please be aware of the requirements around this including keeping an evidence trail relating to any proof reading and whether it is formal or informal. Further information can be found here.

School of Management
MN-2506 Maths 2 for Business

Module Schedule

Week
Topic Lecture Contents Seminar Contents Key Readings
1
w/c
27/01 Module
overview;
Derivatives
and
differentiation • overview of this module
• Why maths for business?
• Functions of one variable
• Linear functions
• Differentiation and slope of a curve
• Derivatives
• basic differentiation rules Relevant seminar examples and stepped solutions Bradley, T., Essential Mathematics for Economics and
Business, 4th Edition, Chapters 2 & 6

2
w/c
3/02
Business application of differentiation • Marginal functions
• Average functions
• Total cost/revenue functions Relevant seminar examples and stepped solutions Bradley, T., Essential Mathematics for Economics and
Business, 4th Edition, Chapter 6

3
w/c
10/02 • 2nd order differentials
• Market structures • 2nd order differentials (marginal, total and average cost functions)
• Market structures
• Perfect competition
• Monopolist
• Cost analysis decision making Relevant seminar examples and stepped solutions Bradley, T., Essential Mathematics for Economics and
Business, 4th Edition, Chapter 6

4
w/c
17/02
Optimisation • Optimisation of functions
• Maximum/minimum points
• Nature of stationary points
• Point of inflection Relevant seminar examples and stepped solutions Bradley, T., Essential Mathematics for Economics and
Business, 4th Edition, Chapter 6

5
w/c
24/02

Business application of optimisation
• Maximising/optimising revenue
• Maximising/optimising profit
• Two methods to determining output that maximises profit Relevant seminar examples and stepped solutions Bradley, T., Essential Mathematics for Economics and
Business, 4th Edition, Chapter 6
6
w/c
2/03

Elasticity
• Understanding elasticity
• Elasticity of demand using derivatives
• Arc elasticity
• Point elasticity
• Price elasticity of demand/supply Relevant seminar examples and stepped solutions Bradley, T., Essential Mathematics for Economics and
Business, 4th Edition, Chapters 2 & 6

7
w/c
9/03

Elasticity and application to business • Elasticity and the demand curve
• Elasticity and its relationship between price elasticity of demand, marginal revenue, total revenue and price Relevant seminar examples and stepped solutions Bradley, T., Essential Mathematics for Economics and
Business, 4th Edition, Chapters 2 & 6

8
w/c
16/03
Integration • understanding integration
• Power rule of integration
• Exception to the power rule
• Working rules of integration Relevant seminar examples and stepped solutions Bradley, T., Essential Mathematics for Economics and
Business, 4th Edition, Chapter 8
9
w/c
23/03
Integration
and business
application • Integration and area under a curve
• Marginal functions
• Cost functions Relevant seminar examples and stepped solutions
Bradley, T., Essential Mathematics for Economics and
Business, 4th Edition, Chapter 8

10
w/c
30/03
Business application (integration) • Market equilibrium
• Producer surplus
• Consumer surplus Relevant seminar examples and stepped solutions

Bradley, T., Essential Mathematics for Economics and
Business, 4th Edition, Chapters 3, 8 & 10

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