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ECON1008 Mathematics for Economics

Module Overview

This module provides a bridge between A-level mathematics and university mathematics. It provides a good grounding and an 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 hold an A level in Mathematics at Grade B or above. Topics of study include functions, univariate optimisation, elasticity, financial mathematics, multivariate optimisation, constrained optimization, matrices, integration, difference and differential equations, and Taylor/Maclaurin series expansions. 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 students' subsequent capacity for abstract thought. The module is designed to prepare students for more advance quantitative modules in 2nd and 3rd year. It also complements the teaching of first year microeconomics and macroeconomics modules. Co-requisite: ECON1007 Pre-requisite for ECON1011 One of the pre-requisites for MATH2040, MATH3085, ECON1007, ECON2001, ECON2002, ECON2003, ECON2004, ECON2026 and ECON3016

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:

  • 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

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 • Multivariable Optimization • Constrained Optimization • Matrix Algebra • Difference and Differential Equations • Taylor/Maclaurin series expansions

Special Features

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.

TypeHours
Independent Study118
Teaching32
Total study time150

Assessment

Assessment Strategy

Two problem sets will be marked. Each counts for 5% of the total mark. The final exam counts for 90% of the final mark.

Summative

MethodPercentage contribution
Exam  (2 hours) 90%
Problem sets 10%

Referral

MethodPercentage contribution
Exam 100%

Repeat Information

Repeat type: Internal & External

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