Mathematics for Business and Economics
Review Questions
Course Introduction
Mathematics for Business and Economics provides students with the essential quantitative tools needed to analyze and solve problems in business and economic contexts. The course covers topics such as linear equations and inequalities, functions and graphs, matrices, differential and integral calculus, and their applications to business scenarios like cost, revenue, profit analysis, optimization, and market equilibrium. Emphasis is placed on interpreting mathematical results, applying concepts to real-world cases, and developing problem-solving strategies that support effective decision-making in a business environment.
Recommended Textbook
College Algebra with Applications for Business and Life Sciences 2nd Edition by Ron Larson
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8 Chapters
787 Verified Questions
787 Flashcards
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Page 2
Chapter 1: Fundamental Concepts of Algebra
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119 Flashcards
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Sample Questions
Q1) Completely factor the expression. 4u<sup>2</sup> - 64
A) (4u - 16)(u + 4)
B) (4u + 16)(u - 4)
C) (4u + 16)(u + 4)
D) 4(u + 4)(u - 4)
E) 4(u + 16)(u - 16)
Answer: D
Q2) After 2 years, an investment of $550 compounded annually at an interest rate r will yield an amount of 550(1 + r)<sup>2</sup>.
Write this polynomial in standard form.
A) 1,100 + 1,100r
B) 302,500 + 605,000r + 302,500r<sup>2</sup>
C) 550 + 1,100r + 550r<sup>2</sup>
D) 550r<sup>2</sup> + 1,100r + 550
E) 550r<sup>2</sup> + 550r + 550
Answer: D
Q3) Write the polynomial in standard form. 9 + 7x<sup>2</sup> + 8x
Answer: 7x<sup>2</sup> + 8x + 9
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Page 3
Chapter 1: Equations and Inequalities
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Sample Questions
Q1) Variable costs depend on the number of units produced.Fixed costs are the same regardless of how many units are produced.A company has fixed monthly costs of $17,000 and variable monthly costs of $6.00 per unit.The company has $95,000 available each month to cover costs.Find the greatest number of units the company can produce each month.
A) 13,000 units per month
B) 12,991 units per month
C) 12,987 units per month
D) 12,998 units per month
E) 13,014 units per month
Answer: A
Q2) One number is 1 more than another number.The sum of their squares is 41.Find the numbers.
A) 4, 5 or -5, -4
B) 3, 4 or -4, -3
C) 9, 10 or -10, -9
D) 2, 3 or -3, -2
E) 7, 8 or -8, -7
Answer: A
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Page 4
Chapter 2: Functions and Graphs
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Sample Questions
Q1) Determine whether lines L<sub>1</sub> and L<sub>2</sub> passing through the pairs of points are parallel, perpendicular, or neither. L<sub>1 </sub>: (-5, -5), (4, 6)
L<sub>2 </sub>: (-9, 8), (-18, -3)
A) parallel
B) perpendicular
C) neither
Answer: A
Q2) Determine whether lines L<sub>1</sub> and L<sub>2</sub> passing through the pairs of points are parallel, perpendicular, or neither. L<sub>1 </sub>: (-1, 8), (9, -4)
L<sub>2 </sub>: (0, 9), (1, -1)
A) parallel
B) perpendicular
C) neither
Answer: C
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5
Chapter 3: Polynomial and Rational Functions
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Sample Questions
Q1) A farmer wants to enlarge an existing rectangular pig pen such that the total area of the new pen is twice as large as the original pen.The current pen's dimensions are 25' × 27'.The farmer wants to add 13 feet more to the long side than to the the short side.Find the dimensions of the new pen.
A) 5 feet × 18 feet
B) 30 feet × 45 feet
C) 30 feet × 32 feet
D) 30 feet × 43 feet
E) 30 feet × 40 feet
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Chapter 4: Exponential and Logarithmic Functions
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Sample Questions
Q1) How long will it take $10,000 to quadruple if it is invested in a savings account that pays 5.5% annual interest compounded continuously? Round to the nearest year.
A) 25 years
B) 20 years
C) 19 years
D) 32 years
E) 30 years
Q2) Estimate the percentage of radioactive material that remains in a sample after 5 years if the half-life of the material is 299 days.Round to the nearest hundredth of a percent.
A) 0.37%
B) 15.92%
C) 1.45%
D) 8.19%
E) 0.85%
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Chapter 5: Systems of Equations and Inequalities
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Sample Questions
Q1) A company has budgeted a maximum of $1,200,000 for national advertising an allergy medication.Each minute of television time costs $120,000 and each one-page newspaper ad costs $60,000.Each television ad is expected to be viewed by 24 million viewers, and each newspaper ad is expected to be seen by 7 million readers.What is the optimal amount that should be spent on advertising for each type ad?
A) $1,200,000 on television time and $0 on newspaper ads
B) $1,000,000 on television time and $200,000 on newspaper ads
C) $500,000 on television time and $700,000 on newspaper ads
D) $600,000 on television time and $600,000 on newspaper ads
E) $900,000 on television time and $300,000 on newspaper ads
Q2) You are offered two different jobs.Company A offers an annual salary of $34,000 plus a year-end bonus of 3.5% of your total sales.Company B offers a salary of $28,000 plus a year-end bonus of 7.5% of your total sales.What is the amount you must sell in one year to earn the same salary working for either company?
A) $170,000
B) $120,000
C) $150,000
D) $90,000
E) $130,000
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Chapter 6: Matrices and Determinants
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Sample Questions
Q1) A city zoo borrowed $2,000,000 at simple annual interest to construct a breeding facility.Some of the money was borrowed at 9%, some at 11%, and some at 14%.Use a system of equations to determine how much was borrowed at 9% if the total annual interest was $216,000 and the amount borrowed at 9% was twice the amount borrowed at 14%.Solve the system using matrices.
A) $400,000 was borrowed at 9%
B) $800,000 was borrowed at 9%
C) $300,000 was borrowed at 9%
D) $1,600,000 was borrowed at 9%
E) $1,700,000 was borrowed at 9%
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9
Chapter 7: Sequences, Series, and Probability
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Sample Questions
Q1) A combination lock will open when the right choice of three numbers (from 1 to 36) is selected.How many different lock combinations are possible?
A) 139,968
B) 1296
C) 36
D) 108
E) 46,656
Q2) A heavy object (with negligible air resistance) is dropped from a plane.During the first second of fall, the object falls 16.6 meters; during the second second, it falls 49.8 meters; during the third second, it falls 83.0 meters; and during the fourth second, it falls 116.2 meters.If this pattern continues, how many meters will the object fall in 10 seconds?
A) 813.4 meters
B) 597.6 meters
C) 1062.4 meters
D) 1660.0 meters
E) 1344.6 meters
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