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Module

ECO1010 : Mathematics for Economics

  • Offered for Year: 2020/21
  • Module Leader(s): Dr Robert Anderson
  • Demonstrator: Dr Sze Nie Ung, Dr Riikka Savolainen
  • Lecturer: Miss Alvart Balmanian
  • Owning School: Newcastle University Business School
  • Teaching Location: Newcastle City Campus
Semesters
Semester 1 Credit Value: 10
Semester 2 Credit Value: 10
ECTS Credits: 10.0

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

Teaching Methods

Please note that module leaders are reviewing the module teaching and assessment methods for Semester 2 modules, in light of the Covid-19 restrictions. There may also be a few further changes to Semester 1 modules. Final information will be available by the end of August 2020 in for Semester 1 modules and the end of October 2020 for Semester 2 modules.

Teaching Activities
Category Activity Number Length Student Hours Comment
Structured Guided LearningLecture materials541:0054:00Non-Synchronous Online Materials (2 x delivery)
Guided Independent StudyAssessment preparation and completion129:0029:00N/A
Structured Guided LearningAcademic skills activities181:0018:00Non-Synchronous Online Structured Guided Learning (2 x delivery)
Guided Independent StudyDirected research and reading145:0045:00N/A
Scheduled Learning And Teaching ActivitiesSmall group teaching91:009:00Synchronous Online Timetabled - seminars
Guided Independent StudyIndependent study145:0045:00N/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

Please note that module leaders are reviewing the module teaching and assessment methods for Semester 2 modules, in light of the Covid-19 restrictions. There may also be a few further changes to Semester 1 modules. Final information will be available by the end of August 2020 in for Semester 1 modules and the end of October 2020 for Semester 2 modules.

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

Exams
Description Length Semester When Set Percentage Comment
Written Examination1802A8024 hr take home exam
PC Examination601M20Scheduled for timetable week 19 (teaching week 9)
Formative Assessments
Description Semester When Set Comment
Prob solv exercises1MN/A
Prob solv exercises2MN/A
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.

Reading Lists

Timetable