ECON1008 Mathematics for Economics
What distinguishes this module from ECON1005 is not so much the techniques or the applications, but the greater confidence in using mathematics in applications and your subsequent capacity for abstract thought.
Aims and Objectives
To exploit your familiarity with and develop maturity in handling abstract concepts and the manipulation of these which occurs in Economics applications
Having successfully completed this module you will be able to:
- Know what is meant by a function and determine where it is defined;
- Locate maxima and minima for functions of single and several variables and be able to distinguish between them
- Manipulate matrices including ones with general properties rather than specific numbers;
- Know when the inverse of a matrix can be calculated and be able to do this;
- Solve simultaneous equations and be able to determine when this is possible.
- Use the Lagrange multiplier method to solve constrained optimisation problems
- Calculate Present Values including those over an infinite period such as the present value of a Consol
- Use calculus methods to calculate limits and graphically illustrate non-linear functions
• Single Variable Optimisation • Economic Applications of functions, derivatives and single variable optimisation • Integration and Economic Applications • Elasticity • Compound growth and discounting • Exponential and Logarithmic Functions • Functions of Several Variables • Multivariable Optimization • Constrained Optimization • Matrix Algebra • Difference and Differential Equations • Taylor/Maclaurin series expansions
This module is for students who have A-level Maths (B or higher)
Learning and Teaching
Teaching and learning methods
Lectures, tutorials, and private study.
|Total study time||150|
Two problem sets will be marked. Each counts for 5% of the total mark. The final exam counts for 90% of the final mark.
|Exam (2 hours)||90%|
To study this module, you will need to also study the following module(s):
|ECON1007||Statistics for Economics|