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.
Co-requisite: ECON1007
One of the pre-requisites for ECON1002, ECON1007, ECON2001, ECON2002, ECON2003, ECON2004 and ECON2026
Aims and Objectives
Learning Outcomes
Learning Outcomes
Having successfully completed this module you will be able to:
- Calculate arc and point elasticity.
- Solve problems involving variables that discretely and continuously grow over time, and compute present discounted values, future compounded values, and rates of growth.
- Use the Lagrange multiplier method to solve constrained optimization problems involving functions of single and multiple variables.
- Solve difference and differential equations.
- Perform basic matrix operations, including addition and subtraction, scalar multiplication, matrix multiplication, transposition and inversion.
- Manipulate exponential and logarithmic functions and solve problems involving such functions.
- Perform basic and by parts integration.
- Solve simultaneous equations.
- Distinguish the types of stationary points.
- Solve unconstrained optimization problems involving functions of single and multiple variables.
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.
| Type | Hours |
|---|---|
| Independent Study | 110 |
| Lecture | 26 |
| Completion of assessment task | 1 |
| Teaching | 5 |
| Seminar | 8 |
| Total study time | 150 |
Resources & Reading list
Internet Resources
Assessment
Assessment strategy
This module is assessed as follows: Long take-home assignment (80%), Short take-home problem set (10%) and participation and performance in 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.
| Method | Percentage contribution |
|---|---|
| Problem sets | 10% |
| Assignment | 80% |
| Quizzes | 10% |
Referral
This is how we’ll assess you if you don’t meet the criteria to pass this module.
| Method | Percentage contribution |
|---|---|
| Assignment | 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.
| Method | Percentage contribution |
|---|---|
| Assignment | 100% |
Repeat Information
Repeat type: Internal & External