The University of Southampton
Courses

# ECON1005 Intro to Maths for Economics

## 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. 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

#### Module Aims

The aim of this module is to develop students' ability to apply mathematical techniques in solving economic problems. The course provides students with fundamental mathematical skills that are essential for the study and practice of economics. The aim will be achieved by introducing mathematical concepts and techniques, solving mathematical problems, and solving economic problems using mathematical techniques.

#### Learning Outcomes

##### Learning Outcomes

Having successfully completed this module you will be able to:

• Solve unconstrained optimization problems involving functions of single and multiple variables.
• Solve simultaneous equations.
• Use the Lagrange multiplier method to solve constrained optimization problems involving functions of single and multiple variables.
• Distinguish the types of stationary points.
• Perform basic integration.
• 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.
• Manipulate exponential and logarithmic functions and solve problems involving such functions.
• Perform basic matrix operations, including addition and subtraction, scalar multiplication, matrix multiplication, and transposition.
• Find the inverse of a matrix.

### Syllabus

â€¢Single Variable Optimisation â€¢ Economic Applications of functions, derivatives and single variable optimisation â€¢ Integration and Economic Applications â€¢ Elasticity â€¢ Compound growth and discounting â€¢ Exponential and Logarithmic Functions â€¢ Functions of Several Variables â€¢ Multivariable Optimization â€¢ Constrained Optimization â€¢ Matrix Algebra

### Learning and Teaching

#### Teaching and learning methods

Lecture, tutorials, masterclasses, and private study.

TypeHours
Teaching5
Independent Study112
Seminar8
Lecture24
Total study time150

### Assessment

#### Assessment Strategy

This module is assessed as follows: two hour final examination (75%), mid-term test (15%) and coursework (10%).

#### Summative

MethodPercentage contribution
Coursework 10%
Exam  (2 hours) 75%
Mid-term test  (45 minutes) 15%

#### Referral

MethodPercentage contribution
Exam  (2 hours) 100%

#### Repeat Information

Repeat type: Internal & External

#### Co-requisites

To study this module, you will need to also study the following module(s):

CodeModule
ECON1007Statistics for Economics

### Costs

#### Costs associated with this module

Students are responsible for meeting the cost of essential textbooks, and of producing such essays, assignments, laboratory reports and dissertations as are required to fulfil the academic requirements for each programme of study.

In addition to this, students registered for this module typically also have to pay for:

##### Books and Stationery equipment

It is not compulsory to purchase a textbook for the course. There are many e books and hard copy books available in the library.

Please also ensure you read the section on additional costs in the University’s Fees, Charges and Expenses Regulations in the University Calendar available at www.calendar.soton.ac.uk.