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Essay / Research Paper Abstract
This is a 3 page paper that provides an overview of algebra's usefulness in business. Specific examples such as production functions and taxation calculation are covered. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: KW60_KFalgebr.doc
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Unformatted sample text from the term paper:
of the concepts being taught. Accordingly, the majority of students have the impression that algebra is "useless" in the context of any real world application outside of becoming a mathematician
or a math professor (generally not terribly popular professions). However, algebra is a skillset with a great degree of practical applicability to the world of business. This paragraph helps
the student being the examination of how algebra relates to business. One of the first ways in which algebra can apply to business is through the use of piecewise functions.
Such functions are able to calculate the tiered structure of taxation brackets that govern many elements of business ("Business", 2010). While it is possible to calculate taxation and plan for
it accordingly without piecewise functions, the operation is made decidedly more difficult. Another way in which algebra proves useful to business is through the calculation of depreciation ("Business", 2010). Calculating
the value of some asset is possible through basic arithmetic. However, value is not a static entity, and tends to change dramatically over time in accordance with the fluctuation of
market forces, both internal and external. Accordingly, a wise business will make use of equations to calculate the expected depreciation of assets, so that proper financial planning can take place.
Another example of algebras utility to business is in the break-even analysis ("Business", 2010). Everyone who has taken algebra will recall that a major aspect of the discipline involves the
balancing of two equations to become equal with one another, when one or both sides of the equation contain unknown information (variables). By utilizing this framework, businesses can calculate important
factors such as the amount of income that will be needed to directly break even with expenses (i.e. - the point at which profit begins to be made). In
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