ECO1010 : Mathematics for Economics
- Offered for Year: 2017/18
- Module Leader(s): Dr Robert Anderson
- Demonstrator: Miss Deeya Sewraj, Mr Joseph Willoughby, Ms Sze Nie Ung
- Owning School: Newcastle University Business School
- Teaching Location: Newcastle City Campus
|Semester 1 Credit Value:||10|
|Semester 2 Credit Value:||10|
To develop students ability to apply basic mathematical techniques in economic analysis.
Economics is an essentially quantitative subject. If we are to have a significant understanding of how individuals, corporations and societies confront the problems posed by the scarcity of resources, then it is essential that we should be in a position to analyse the quantitative relationship between key economic variables. In turn, this means that in order to be able to conduct this sort of quantitative analysis we must have access to a basic kit of mathematical tools. This course therefore aims to provide students with such a kit. In particular, the course covers essential mathematical topics such as sets, functions and equations, as well as differential and integral calculus. The focus throughout is on the application of mathematical methods in the analysis of economic problems.
Outline Of Syllabus
Outline of syllabus:
1. Numbers and sets
2. Arithmetic and algebra
3. Linear and simultaneous equations
4. Quadratic and polynomial equations
5. Limits and inequalities
7. Univariate optimisation
8. Growth and discounting
9. Exponents and logarithms
10. Natural numbers
12. Matrix algebra
13. Partial Derivatives
13. Multivariate optimisation
14. Constrained optimisation
|Guided Independent Study||Assessment preparation and completion||1||49:00||49:00||N/A|
|Scheduled Learning And Teaching Activities||Lecture||36||1:00||36:00||N/A|
|Guided Independent Study||Directed research and reading||1||50:00||50:00||N/A|
|Scheduled Learning And Teaching Activities||Small group teaching||15||1:00||15:00||N/A|
|Guided Independent Study||Independent study||1||50:00||50:00||N/A|
Teaching Rationale And Relationship
1. Lectures provide a detailed development of key mathematical ideas and their application to the analysis of economic problems.
2. Seminars require the application of the key mathematical tools to the analysis of economic problems
3. Private study requires back- up reading and practice at mathematical problem solving in economic analysis.
The format of resits will be determined by the Board of Examiners
|Written Examination||60||1||M||10||Unseen in-class test. SCHEDULED IN HOUSE BY SCHOOL.|
|Prob solv exercises||1||M||5||Tutorial questions and Blackboard revision tests|
|Prob solv exercises||2||M||5||Tutorial questions and Blackboard revision tests|
Assessment Rationale And Relationship
The continuous summative assessment component not only provides practice of important concepts learnt throughout the course, but enables students' to gauge their understanding and encourage self-study of the course material, as the difficultly level builds through the course. The final exam tests the overall knowledge learnt and allows students' to demonstrates their ability in applying the mathematics skills learned to a range of economic problems.