|Module Title||MATHEMATICS FOR ECONOMICS AND FINANCE 1|
|Co-ordinator||Professor T N Phillips|
|Other staff||Professor T N Phillips|
|Pre-Requisite||GCSE Mathematics grade C or better or its equivalent.|
|Mutually Exclusive||May not be taken at the same time as, or after, any of MA10020, MA11010, MA11110, MA12110, MA12510, MA13010, MA13510.|
|Course delivery||Lecture||22 x 1 hour lectures|
|Seminars / Tutorials||10 x 1 hour example classes|
|Assessment||Exam||2 Hours (written examination)||60%|
|In-course assessment||Open book test||20%|
|Resit assessment||2 Hours (written examination)||100%|
This module covers a number of mathematical topics that are relevant to students studying Economics. These include functions, the concepts and rules of differentiation, optimisation of functions of one variable and integration. The application of this material to problems in Economics forms an important element of this module.
To introduce students to some of the elementary but essential mathematical concepts and skills necessary for an understanding of modern economic theories.
On completion of this module, a student should be able to:
1. ELEMENTARY ALGEBRA: Exponents. Polynomials. Factorization. Solution of linear and quadratic equations. Solution of simultaneous equations. Supply and demand analysis.
2. FUNCTIONS: Notation and definitions. Graphs of functions. Inverse functions. Budget lines. Economic functions.
3. DIFFERENTIATION: The derivative of a function. The derivative of a polynomial. Marginal functions. Higher-order derivatives.
4. EXPONENTIAL AND LOGARITHMIC FUNCTIONS: Definitions and properties. Graphs of exponential and logarithmic functions. Derivatives. Solution of logarithmic equations. Production functions. Interest compounding.
5. OPTIMIZATION OF FUNCTIONS OF A SINGLE VARIABLE: Local and global maxima and minima, points of inflection. Optimization of economic functions.
** Should Be Purchased
I B Jacques. Mathematics for Economics and Business. Addison-Wesley
** Supplementary Text
E T Dowling. Introduction to Mathematical Economics. Schaum's Outline Series. McGraw-Hill
M Wisniewski. Introductory Mathematical Methods in Economics. McGraw-Hill
A C Chiang. Fundamental Methods of Mathematical Economics. McGraw-Hill
J Black & J F Bradley. Essential Mathematics for Economists. John Wiley