Mathematics for Economists
- Module Code:
- FHEQ Level:
- Year of study:
- Year 1 or Year 2
- Taught in:
- Term 1
This module offers a survey of applied mathematical analysis useful for intermediate and advanced economic theory.
Prerequisites: A level Mathematics with C and above or equivalent OR Introductory Mathematics for Economists II 155901502
Objectives and learning outcomes of the module
- demonstrate understanding of derivatives, rules of differentiation, partial derivatives, differentials and total differentials, higher order derivatives, their uses and applications.
- find unconstrained and constrained optima for multivariate functions and use these techniques to solve problems in economics.
- understand indefinite integrals and apply them to economic problems.
- understand differential equations and difference equations and apply them to economic problems
- apply matrix and vector operations.
- solve systems of equations using matrix algebra.
- use Jacobian determinants to test for functional dependence
Scope and syllabus
2. Multivariable Optimisation
3. Multivariable Constrained optimisation
5.-6. Differential equations
7.-9. Matrix algebra
10. Hessian and bordered hessian
Method of assessment
Weekly online quizzes accessible via Moodle and weekly tutorial exercises solved in small tutorial groups
Assessment weighting: Exam paper (80%), mid-term assignment (10%), end of term assignment (10%)
Chian, A.C. and K. Wainwright (2005) Fundamental Methods of Mathematical Economics, Fourth Edition. McGraw-Hill.
Jacques, I. (2009) Mathematics for Economics and Business, 5th Edition, Prentice Hall.
Wisniewski, M. (2003) Mathematics for Economics, 3rd Edition, Palgrave Macmillan.