There are many different types of math that can be used in commerce. The two most common types of math are elementary arithmetic and elementary algebra, both of which you learned in school. Businesses use these basic mathematics to record and manage business operations. In addition, statistics and probability are also used by businesses to better understand their data.
Elementary arithmetic is the type of math used to calculate a company’s net profit. A company calculates its total revenue, subtracts its total costs, and then divides by the number of units sold or services rendered. This gives them their gross margin percentage, which they can use to analyze pricing strategies for different types of products.
Statistics” are another category that businesses often need in order to make predictions about how things will turn out in future years based on past data. Businesses might want to know what percentage of people buy their product each year as well as how many orders were returned last quarter so that management can predict whether certain marketing efforts will be successful in coming months or not before taking costly risks with expensive advertising campaigns
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