Mathematics is widely applied in our everyday lives to solve various problems. For instance, mathematics is applied when determining quantity discounts, finding out viable investment options, planning, and in comparing quantities or performances. This paper explores and analyses various daily applications of mathematics. Further, the paper gives intelligible solved examples of the applications. The following are the daily applications of mathematics and worked examples.
Determining Quantity Discounts
Mathematics plays a crucial role in determining the discount orders sellers use to attract more customers and ensure that their sales remain high. For instance, if the seller wants the buyer to alter his/her quantity of purchases from Q1 to Q2, then, the seller will have to ensure that the unit price of the items he/she deals in reduces from P to (1-ω)P, where 0<ω<1, representing the rate of the discount offered by the seller (Huang et al. 6660). By offering a discount rate ω for quantity Q of goods purchased, the seller will know the amount of profit he/she will receive by coordinating the quantity discount in such a manner that the discount ω delivers the most optimal profit.
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