Quantitative Methods for Business and Economics
- Unit value:
The aim of the module is to provide an introduction to the mathematical techniques and concepts used in the fields of Economics, Business, Finance, as well as, most Social Sciences with quantitative aspects. Successful completion of the module, will provide students the necessary knowledge to follow quantitative modules within the aforementioned fields.
The module covers topics in Algebra, Calculus, Probability and Statistics. In terms of Algebra, the focus will be on learning how to work with matrices, in order to solve systems of equations and their use in various economics models. Moreover, we will be working on both differential and integral Calculus, which is the backbone of most economic analysis, such as comparative statics. We will learn how to solve optimization problems as well as various types of differential equations.
Students of the module will further be introduced to the concepts of probabilities, random variables, various density functions, descriptive statistics and hypothesis testing. Strong emphasis will be given to the connection between the mathematical concepts taught and their application in the field of the studies mentioned above, with focus on economic applications.
Key topic areas include:
• Linear Algebra
• Differential Calculus and integration
• Descriptive Statistics