Fundamentals of Business Mathematics
BASIC DATA
course listing
A - main register
course code
MEM3020
course title in Estonian
Majandusmatemaatika alused
course title in English
Fundamentals of Business Mathematics
course volume CP
-
ECTS credits
6.00
to be declared
yes
fully online course
not
assessment form
Examination
teaching semester
autumn
language of instruction
Estonian
English
Study programmes that contain the course
code of the study programme version
course compulsory
TVTB12/25
yes
Structural units teaching the course
ME - Department of Economics and Finance
Course description link
Timetable link
View the timetable
Version:
VERSION SPECIFIC DATA
course aims in Estonian
Kursuse "Majandusmatemaatika alused" eesmärk on anda üliõpilastele alusteadmised matemaatilises analüüsis ja lineaaralgebras, võimaldades neil tõhusalt rakendada matemaatilisi mõisteid ja meetodeid äri ja majandusega üldisemalt seotud probleemide lahendamiseks. Lisaks keskendub kursus kriitilise mõtlemise oskuste arendamisele, et hinnata tulemusi ja tõlgendada neid äriliste otsuste tegemise kontekstis.
course aims in English
The aim of the "Fundamentals of Business Mathematics" course is to equip students with a foundation in mathematical analysis and linear algebra, enabling them to effectively apply mathematical concepts and methods to solve business-related problems. Additionally, the course focuses on fostering critical thinking skills to assess outcomes and interpret them in the context of business decision-making.
learning outcomes in the course in Est.
Õppeaine läbinud üliõpilane:
- kasutab korrektselt põhilisi matemaatilise analüüsi ja lineaaralgebra mõisteid majandusprobleemide lahendamiseks;
- eristab matemaatilisi meetodeid ja rakendab neid majandusprobleemide lahendamisel;
- hindab kriitiliselt saadud tulemusi ja tõlgendab neid ülesande majandusliku konteksti raames.
learning outcomes in the course in Eng.
After completing the course the student:
- applies correctly basic concepts of mathematical analysis and linear algebra to solve business-related problems;
- distinguishes between mathematical methods and applies them to solve business-related problems;
- critically evaluates the obtained results and interprets them within the context of the business task.
brief description of the course in Estonian
I osa: Ühe- ja mitmemuutuja funktsioonide arvutus
- Teemad hõlmavad tuletisi, osatuletisi, piiranguteta ja piiratud optimeerimist ning Lagrange’i meetodit.
- Rakendused majanduses hõlmavad majandusfunktsioone, marginaalanalüüsi, kasumi maksimeerimist ja kulude minimeerimist.

II osa:
(1) Lineaaralgebra
- Teemad hõlmavad maatrikseid, lineaarvõrrandisüsteeme ja Gauss-Jordani eliminatsioonimeetodit.

(2) Lineaarplaneerimine
-Keskendutakse esialgsetele (primal) probleemidele, graafilisele meetodile ja simpleksmeetodile.
brief description of the course in English
Part I: Calculus of Single and Multivariable Functions
-Topics include derivatives, partial derivatives, unconstrained and constrained optimization, the Lagrange method.
- Applications in economics cover economic functions, marginal analysis, profit maximization, and cost minimization.

Part II:
(1) Linear Algebra
- Topics include matrices, systems of linear equations, Gauss-Jordan Elimination method.

(2) Linear Programming
- Focus areas include primal problems, the graphical method, the simplex method.
type of assessment in Estonian
-
type of assessment in English
-
independent study in Estonian
-
independent study in English
-
study literature
Soper, J. (2004). Mathematics for Economics and Business, 2nd edition. Blackwell Publishing;
Bailey, D. (1998). Mathematics in Economics. McGraw-Hill;
Bradley, T., Patton, P. (2002). Essential Mathematics for Economics and Business, 2nd edition. John Wiley & Sons Ltd;
Chiang, A. C., Wainwright, K. (2005). Fundamental Methods of Mathematical Economics, 4th edition. McGraw-Hill.
study forms and load
daytime study: weekly hours
3.8
session-based study work load (in a semester):
lectures
1.5
lectures
-
practices
0.0
practices
-
exercises
2.3
exercises
-
lecturer in charge
Kirsti Rumma, vanemlektor (ME - majandusanalüüsi ja rahanduse instituut)
LECTURER SYLLABUS INFO
semester of studies
teaching lecturer / unit
language of instruction
Extended syllabus or link to Moodle or to home page
2025/2026 autumn
Kirsti Rumma, ME - Department of Economics and Finance
English
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    2024/2025 autumn
    Kirsti Rumma, ME - Department of Economics and Finance
    English
      Course description in Estonian
      Course description in English