# ECO1010 : Mathematics for Economics

• Offered for Year: 2019/20
• Module Leader(s): Dr Robert Anderson
• Demonstrator: Dr Riikka Savolainen, Ms Sze Nie Ung
• Owning School: Newcastle University Business School
• Teaching Location: Newcastle City Campus
##### Semesters
 Semester 1 Credit Value: 10 Semester 2 Credit Value: 10 ECTS Credits: 10

#### Aims

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
5. Limits and inequalities
6. Differentiation
7. Univariate optimisation
8. Growth and discounting
9. Exponents and logarithms
10. Natural numbers
11. Integration
12. Matrix algebra
13. Partial Derivatives
13. Multivariate optimisation
14. Constrained optimisation

#### Teaching Methods

##### Teaching Activities
Category Activity Number Length Student Hours Comment
Guided Independent StudyAssessment preparation and completion147:0047:00N/A
Scheduled Learning And Teaching ActivitiesLecture341:0034:00N/A
Scheduled Learning And Teaching ActivitiesPractical11:001:00In-class test
Guided Independent StudyDirected research and reading150:0050:00N/A
Scheduled Learning And Teaching ActivitiesSmall group teaching151:0015:00N/A
Guided Independent StudyIndependent study153:0053:00N/A
Total200:00
##### 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.

#### Assessment Methods

The format of resits will be determined by the Board of Examiners

##### Exams
Description Length Semester When Set Percentage Comment
Written Examination1802A80N/A
Written Examination601M10Unseen in-class test. SCHEDULED IN HOUSE BY SCHOOL.
##### Other Assessment
Description Semester When Set Percentage Comment
Prob solv exercises1M5Tutorial questions and Blackboard revision tests
Prob solv exercises2M5Tutorial questions and Blackboard revision tests
##### Formative Assessments
Description Semester When Set Comment
Prob solv exercises1MPractice questions are available
Prob solv exercises2MPractice questions are available
##### 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.