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THE INSTITUTE OF FINANCE MANAGEMENT (IFM)
Department of Mathematics
Basic Mathematics & Statistics

Course Content
• Module Code: BFT 05105, CST 05106, ITT 05106,
MTT 05101, ACT 05103, IRT 05104,
SPT 05105
• Module Name: Basic Mathematics and Statistics
• Sub-enabling Outcomes
1. Use basics of mathematics sets theories to solve business
problems.
2. Apply linear and quadratic equations in solving business
problems
3. Use linear inequalities and linear programming model in
determination of the maximum and minimum problems
4. Use properties of matrix to clarify business activities
5. Explain concepts of statistics in business
6. Use data collection methods, tables and graphs to
represent business statistical information
7. Use measures of central tendency and dispersion to
illustrate statistical data.
References
1. Cheryl Cleaves, Margie Hobbs (2006): Business Mathematics, Prentice Hall, Harlow, England
2. Deitz, J.E, Southam, J.L. (2003): Business Mathematics for Colleges, South Western.
3. A. Francis (2004), Business Mathematics and Statistics, 6th Edition, Continuum, London.
4. Mark L. Berenson and David Levine (2000), Basic Business Statistics – Concepts and
Applications, 6th Edition, Prentice Hall International, Upper Saddle River, New Jersey.
5. V. K. Kapoor (2003), Problems & Solutions in Statistics, 3rd Edition, Sultan Chand & Sons, New
Delhi.
6. Ian Jacques (2006), Mathematics for Economics and Business, 5th Edition, Prentice Hall,
Harlow, England.
7. Maglio R. and Dlatt J.P. (2000), Fundamental Mathematics for Business, Macmillan, New
York.
8. Seymon Lipschutz (2003), Theory and Problems of Finite Mathematics. McGraw-Hill Book
Company. U.K.
9. S. P. Gupta, M. P. Gupta (2005), Business Statistics, 14th Edition, Sultan Chand & Sons, New
Delhi, India.
10. B. M. Aggarwal (2005), Business Mathematics and Statistics Fundamentals, 1st Edition,
Sultan Chand & Sons, New Delhi, India.
11. John E. Freund, Frank J. Williams and Benjamin M. Perles (2003); Elementary Business
Statistics, The Modern Approach, 6th Edition, Prentice Hall International Editions, London.
Basic set theory
Questions
1. Define the terms of sets theory
2. Identify subsets from a given set
3. Describe the algebra of sets
4. Perform set operations
5. Present sets by using Venn diagram
6. Solve sets word problems

Sets
Definition of Set
• A set is a collection of well defined and distinct

objects.
• The word well defined means there are specific

properties which identifies an object belongs to a set.
• The word distinct means the objects of a set must all be

different.
• Example.
• A collection of all IFM first year students aged
not more than 25 years old. (This represents a
set)
• A collection of all brave students at IFM. (This

does not represent a set because the word brave
is vague)
Elements of a set
• Objects in a set are called elements or

members of a set.
• They can be in any order.
• They are not repetitive.
• They are denoted by small letters.

Set notation
• Sets are denoted by capital letters. Eg N, W, V etc.
• Sets are represented by curly brackets  .
• Elements of a set are denoted by small letters.
• A symbol is used to show whether an object is

an element of a certain set.
• And  if an object is not an element of a set.

• Example
• A collection of vowels in English alphabet.
• Let a set be denoted by letter V.
- Then, elements of a set V are a, e, i, o, u.
- Or V  a, e, i, o, u
• We can say a  V , e  V , i  V , o  V , u  V
• Also, b  V , c  V
• Example: If U={letters of the word statistics}
Then, U={s, t, a, i, c}
Example of famous sets in mathematics,
• A set of natural numbers, N = {1,2,3,…}
• A set of integers, Z = {…,-2,-1,0,1,2,3,…}
 a
• A set of rational number, Q   x : x  , a & b  Z , b  0
 b
• A set of Real numbers R

Representation of a set
There are three common methods

1. Description/statement method
2. Roster method
3. Set builder method

1. Description method
– A set is presented by describing elements of a set.
– Example;
• A set of vowels in English alphabet.
• A set of prime numbers less than 10.
2. Roster method
– Elements are listed inside curly brackets, and are
separated by commas.
– Example;
• V = {a, e, i, o, u}
• P = {2, 3, 5, 7}
3. Set builder method
– A set is presented by describing its properties.
– Descriptions should be inside curly brackets {}.
– In description of a set, you have to use “:” or “|”
– Example:
• V = {x:x is a vowel in English alphabet}
• P = {x:x is a prime number less than 10}

Types of sets
•Empty set/null set/void set.
This is a set which does not have any elements. E.g; E
= {} or 
•Finite set. Is a set that has finite number of
elements. E.g: P = {2, 3, 5, 7}
•Infinite set. Is a set that has infinite number of
elements. E.g; N = {Natural numbers}
•Equal sets. Two sets are said to be equal if they
have the same elements. E.g: A = {x, y, z}, B =
{y, x, z}, then set A and B are equal i.e. A = B
• Unequal sets. Sets are unequal if one set
contains at least one element which is not in
the other set.
• Equivalent sets. Sets A and B are said to be
equivalent (A≡B) if they have the same
number of elements.
Example; If A={1,2,3} and B={a, b, c} then A≡B.

• Singleton set. Is a set with only one element.
E.g; A = {x}, B = {0}
• Universal set. Is a set which contains all the
elements under consideration. It is denoted
as Մ.
Example; A set of all English alphabet.

• Complement of a set. Is a set of elements which are in the
universal set but not in the said set. For a set A, complement of set
A is denoted as A or A’ or Ac
Example; If Մ = {1, 2, 3, 4, 5, 6} and A = {1, 2, 3, 4}, Then Ac = {5, 6}
• Cardinality of a set
is a measure of the number of elements in a set.
Example,
if V = {a, e, i, o, u}, cardinality of a set V
denoted by n(V) or |V| is 5.

• Disjoint sets. Sets are said to be disjoint if they
don’t have any element in common.
Example; Set A={a, b} and B={e, f} are disjoint
sets.
 Subset of a set.
– Set A is said to be a subset of set B if all elements of
set A are in set B.
– It is denoted by A  B
– Set A is said to be a proper subset of set D if all
elements of set A are in set D, and there are
elements of set D which are not in set A.
– It is denoted by A  D
• Example
A = {1, 2, 3, 4}, B = {1, 2, 3, 4, 5}, D = {1, 2, 3, 4, 5}
A  B, B  D, A D
Number of subsets in a set

• If a set has “n” number of elements, then the number of
subsets of a set is 2 n .
• Example; If A = {1, 2, 3}, then set A has 23  8 subsets.
i.e {}, {1}, {2}, {3}, {1, 2}, {1, 3}, {2, 3}, {1, 2, 3}
Exercise
1. Write the following as a subset/proper
subset, equivalent, equal set
A={5,10,15}, B={5,10,15,20},
C={x,y,z}, D={5,10,15}
2. List all the subsets of the following sets.
a) A={3,6,8} b) B={w,x,y,z}
Set operations
• Union
– Union of two sets A and B is a set of the collection of
all elements in the two sets A and B.
– It is denoted as A  B and it reads as A or B.
– Example, let A  {1,2,3,4} , B  {3,4,5,6}
Then A  B  {1,2,3,4,5,6}
• Intersection
– Intersection of two sets A and B, is a set of
common elements in the two sets A and B.
– It is denoted as A ∩ B and it reads A and B.
– Example, If A  {1,2,3,4} and B  {3,4,5,6}
Then, A  B  {3,4}
• Difference of sets
– The difference A – B of the two sets, is a set of
elements which are in set A but not in set B.
– A – B can also be written as A  B c
– Example, If A ={1,2,3,4}, B ={3,4,5,6}
Then, A – B = {1,2}
Exercise
1. Given the following sets
Մ = {All natural numbers less than 10}
A = {All multiples of 3 less than 10}
B = {All multiples of 2 less than 10}
Find the value of;
i) AՍB ii) A∩B iii) A’∩B iv) AՍB’
v) A – B vi) B – A vii) (AՍB)’
Laws of a set
For any sets A, B and C, Then,
1. Commutative laws
i) A  B  B  A
ii) A  B  B  A
2. Associative laws
i) ( A  B)  C  A  ( B  C )
ii)( A  B)  C  A  ( B  C )
3. Distributive laws
i) A  ( B  C )  ( A  B)  ( A  C )
ii) A  ( B  C )  ( A  B)  ( A  C )
4. Demorgan’s laws
i)  A  B   A  B
ii)  A  B   A  B
5. Idempotent law
i) A  A  A
ii) A  A  A
NB A Ս A’=Մ Մ ∩ A=A
A∩A’=Փ Մ U A= Մ
(A’)’=A ՓUA=A
Փ’=Մ Փ∩A=Փ
Մ’=Փ
Exercise
By using set laws, simplify the following
i) (A’ՍB’)’ ii) (A’∩B)’ iii)AՍ(A’∩B)
Basic counting rule
n( A  B)  n( A)  n( B)  n( A  B)
Example; Let A and B be two finite sets such that

n(A)=20, n(B)=28, n(AUB) = 36,
find n(A∩B)
• If n(X) = 17, n(Y) = 13, n(X∩Y) = 5. Find n(XUY)
• Given n(A) = x, n(B) = x+4, n(A∩B) = 3 and

n(AUB) = 17, where A and B are two sets. Find
the value of x.
• Venn diagrams
– Are diagrams that are used to show sets relations.
– It uses circles or oval shapes and rectangel to show

different sets relations.
– A rectangle is used to represent a universal set.
– If sets have common elements (intersection), they

will be shown by overlapping circles.
Venn diagram
– Example of a Venn diagram
Մ A
• For any two sets A and B, the following are
possible relations shown in a Venn diagram
Մ Մ
A B
A B
A Մ
B
AՍB (A and B have common elements) AUB (No common elements in sets A and B)
A B
A B
A∩B
A B Complement of a set A
AC
A
• Example; Show in a Venn Diagram by shading
regions represented by the following
sets(assuming the sets are joint sets).
a)AՍB b)A∩B c) A’∩B’ d)(A’∩B)’ e)A – B
• Example: A boy has 50 marbles, of which 35
has a red marking, 20 has a blue marking, 12
has both red and blue marking. How many has
neither red nor blue marking?
• Example: A survey of 70 men who had spent a

day playing Cricket or Golf showed that 40
played Cricket and 8 played both cricket and
golf. How many played golf?
• Example; Given n(A) = 8, n(B) = 6, n(A∩B) = 5 and
n(AUB)’ = 4. Find the following:
a) n(AUB)
b) n(B’)
c) n(A∩B)’
38

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THE INSTITUTE OF FINANCE MANAGEMENT (IFM)

Basic Mathematics & Statistics

2. Identify subsets from a given set

3. Describe the algebra of sets

4. Perform set operations

5. Present sets by using Venn diagram

6. Solve sets word problems

• A set is a collection of well defined and distinct

• The word well defined means there are specific

• The word distinct means the objects of a set must all be

• A collection of all brave students at IFM. (This

• Objects in a set are called elements or

• They can be in any order.

• They are not repetitive.

• They are denoted by small letters.

• A symbol is used to show whether an object is

• And  if an object is not an element of a set.

• A set of Real numbers R

There are three common methods

3. Set builder method

– Descriptions should be inside curly brackets {}.

– In description of a set, you have to use “:” or “|”

• P = {x:x is a prime number less than 10}

contains at least one element which is not in

the other set.

• Equivalent sets. Sets A and B are said to be

equivalent (A≡B) if they have the same

Example; If A={1,2,3} and B={a, b, c} then A≡B.

E.g; A = {x}, B = {0}

• Universal set. Is a set which contains all the

elements under consideration. It is denoted

Example; A set of all English alphabet.

denoted by n(V) or |V| is 5.

Number of subsets in a set

– It is denoted as A  B and it reads as A or B.

– Example, let A  {1,2,3,4} , B  {3,4,5,6}

– It is denoted as A ∩ B and it reads A and B.

– Example, If A  {1,2,3,4} and B  {3,4,5,6}

– A – B can also be written as A  B c

– Example, If A ={1,2,3,4}, B ={3,4,5,6}

For any sets A, B and C, Then,

Example; Let A and B be two finite sets such that

• Given n(A) = x, n(B) = x+4, n(A∩B) = 3 and

– It uses circles or oval shapes and rectangel to show

– A rectangle is used to represent a universal set.

– If sets have common elements (intersection), they

• Example: A survey of 70 men who had spent a

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