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Major Paper-1-ECO-Basic Mathematics for Economic Analysis

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Hanan Basith
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40 views

Major Paper-1-ECO-Basic Mathematics for Economic Analysis

Uploaded by

Hanan Basith
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Major Paper-I DSC-1 (A/B)

1. Economics: Basic Mathematics for Economic Analysis


• Course Code : ECON021

• Course Abbreviation : BMEA

• Credits: 4

• Duration (per week): 4 hours (3 Lectures + 1 tutorial)

• Course Objectives:
The objective of this course is to train basic algebras that enables the study of economic theory
at the undergraduate level, specifically the courses on microeconomics, macroeconomics,
statistics and econometrics set out in this syllabus. In this course, particular economic models are
not the ends, but the means for illustrating the method of apply- ing mathematical techniques to
economic theory in general. It contains understanding of basic functions, relations, real number
systems, set operations, linear algebras and matrix operations used in economics.
• Course Learning Outcomes:
The course equips the students with exposition of economic problems with formal pre- sentation
algebraically and offers solution techniques to find equilibrium analysis. These tools are necessary
for anyone seeking employment as an analyst in the corporate and policy framing world.

• Content (Unit-wise):

• Unit 1 : Economic Models


Ingredients of mathematical models - variables, constants, parameters, equations, and
identities; Real number system; Sets and functions; relations and their proper- ties; types of
functions; functions of more than one variables; Limit, sequences and series: convergence,
algebraic properties and applications; continuous functions: characterisation, properties
with respect to various operations and applications; differentiable functions:
characterisation, properties with respect to various operations and applications; second
and higher order derivatives: properties and applications.
Unit 2: Equilibrium Analysis in Economics
Meaning of equilibrium; partial market equilibrium - linear and non-linear models; General
market equilibrium
Unit 3 : Linear Models and Matrix Algebras and their Applications in Economics Matrix
operations, Determinants and Cramer’s Rule and their applications

• Suggested Readings:

• Chiang, A and Wainwright, K. (2005). Fundamental methods of mathematical economics. Boston,


Mass. McGraw-Hill/Irwin.
• Sydsaeter, K., Hammond, P. (2002). Mathematics for economic analysis. Pearson Educational.

• Hoy, M., Livernois, J., McKenna, C., Rees, R., Stengos, T. (2001). Mathematics for Economics,
Prentice-Hall India.

• Course Assessment: Internal Assessment - 25, Final Examination - 75

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