Introduction to Mathematics for Economics | ECON1005

Module overview

This module provides a bridge between school mathematics and university mathematics. It provides a good grounding and in-depth understanding of the theory and application of differential calculus, and other techniques widely used in Economics and Finance. It is aimed at students who do not hold an A level in Mathematics at Grade B or above.

It is compulsory for Joint-Honours courses with Economics for students who are not taking ECON1008. The module can also be taken as an optional module by students outside Economics who wish to follow a basic quantitative mathematics course.

Topics of study include functions, univariate optimisation, elasticity, financial mathematics, multivariate optimisation, constrained optimization, matrices, integration and difference and differential equations.

The module is designed to prepare students for further quantitative modules in 2nd and 3rd year. It also complements the teaching of first year microeconomics and macroeconomics modules.

Linked modules

Pre-req: ECON1007

Aims and Objectives

Learning Outcomes

Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

Solve simultaneous equations.
Perform basic matrix operations, including addition and subtraction, scalar multiplication, matrix multiplication, transposition and inversion.
Use the Lagrange multiplier method to solve constrained optimisation problems involving functions of single and multiple variables.
Manipulate exponential and logarithmic functions and solve problems involving such functions.
Perform basic and by parts integration.
Calculate arc and point elasticity.
Distinguish the types of stationary points.
Solve problems involving variables that discretely and continuously grow over time, and compute present discounted values, future compounded values, and rates of growth.
Solve unconstrained optimisation problems involving functions of single and multiple variables.
Solve difference and differential equations.

Syllabus

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
Multivariate Optimization
Constrained Optimization
Matrix Algebra
Difference and Differential Equations

Learning and Teaching

Teaching and learning methods

Lecture, tutorials, masterclasses, and private study.

Study time
Type	Hours
Lecture	26
Seminar	8
Teaching	5
Independent Study	111
Total study time	150

Resources & Reading list

Internet Resources

Math Tutor.

Mathscard.

Free maths tutorials from the Khan academy.

Mathcentre.

Assessment

Assessment strategy

This module is assessed as follows: exam (80%), take-home problem set (10%) and online quizzes (10%). This is accompanied by continuous formative assessment in form of problem sets.

Summative

This is how we’ll formally assess what you have learned in this module.

Breakdown
Method	Percentage contribution
Final Assessment	80%
Problem sets	10%
Quizzes	10%

Referral

This is how we’ll assess you if you don’t meet the criteria to pass this module.

Breakdown
Method	Percentage contribution
Exam	100%

Repeat

An internal repeat is where you take all of your modules again, including any you passed. An external repeat is where you only re-take the modules you failed.

Breakdown
Method	Percentage contribution
Exam	100%

Repeat Information

Repeat type: Internal & External