|Module Title||MATHEMATICS FOR ECONOMICS AND FINANCE 2|
|Co-ordinator||Dr V C Mavron|
|Pre-Requisite||MA12610 or MA10110 or MA12010.|
|Mutually Exclusive||May not be taken at the same time as MA13510.|
|Course delivery||Lecture||22 x 1 hour lectures|
|Seminars / Tutorials||6 x 1hour 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 continues the thread of MA12610 with optimisation of functions of several variables and Lagrange Multipliers. It also includes basic matrix techniques and simple differential and difference equations. Like MA12610, it will be illustrated with applications to Economics.
To introduce the basic Mathematical techniques required for degrees involving Economics or Accounting.
On completion of this module, a student should be able to:
1. FURTHER OPTIMIZATION: Constrained optimization in functions of one variable, the interpretation of Lagrange multipliers, unconstrained optimization in functions of more than one variable, constrained optimization in functions of more than one variable.
2. MATRIX ALGEBRA: Simultaneous linear equations, Gaussian reduction, laws of matrix algebra, identity and null matrices, matrix addition and subtraction, scalar multiplica-tion, matrix multiplication, matrix inversion, determinants, determinants and matrix non-singularity, higher-order determinants, matrix inversion using determinants, Cramer's Rule, matrix rank.
3. INTEGRATION: The notion of an integral. Area under a curve. Integration of simple power and exponential functions. Integration of marginal functions.
4. DYNAMICS: First-order differential equations, separation of variables, first-order difference equations, stability.
** Should Be Purchased
I.B.Jacques. Mathematics for Economics and Business. Addison-Wesley
** Recommended Text
E.T.Dowling. Introduction to Mathematical Economics. Schaum?s Outline Series. McGraw-Hill
** Supplementary Text
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