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Mathematics for Economists (only open to HPE, Year 1 students)

Course description and learning objectives

The course provides an introduction to calculus, matrix algebra, and the basics of optimization for students studying economics. It starts from introduction to linear and non-linear functions and derivatives including the use of first derivatives for graphing, second derivatives and convexity. It continues to the discussion of composite functions and the chain rule, inverse functions and their derivatives; linear systems, examples of linear models (for example linear models of production, IS-LM model, investment and arbitrage). The consequent lectures focus on covering operations (addition, subtraction, scalar multiplication, matrix multiplication, laws of matrix algebra, transpose, systems of equations in matrix form), elementary matrices, input-output matrices, partitioned matrices and decomposition; constrained and unconstrained optimization. The module concludes with looking at various applications useful for different courses as background knowledge. The aim of the course is to provide background knowledge in Math for understanding economic concepts. To achieve this, the course also covers applications to economics. The module carries zero credits and it is elective for 1st-year History, Politics and Economics students undertaking Economics path.

Teaching & Learning Methods:

The course will be taught in Term 1 by a one-hour lecture and one-hour tutorial weekly. Total workload is estimated to be 150 hours per term, including attendance at lectures and tutorials, on-line weekly quizzes and tests, reading and a revision for a final in-class test.

Assessment:

Assessment is comprised of summative assessment – end-of-term in-class test that is assessed as Pass/Fail, and formative assessment of students’ work in tutorials and independent learning through Moodle resources, including quizzes and tests to facilitate students’ learning as it progresses.

Indicative text: Carl P. Simon and Lawrence Blume (1994) Mathematics for Economists