ECO1010 : Mathematics for Economics
- Offered for Year: 2026/27
- Module Leader(s): Dr Robert Anderson
- Lecturer: Dr Grega Smrkolj, Dr Pascal Stiefenhofer
- Owning School: Newcastle University Business School
- Teaching Location: Newcastle City Campus
Semesters
Your programme is made up of credits, the total differs on programme to programme.
| Semester 1 Credit Value: | 10 |
| Semester 2 Credit Value: | 10 |
| ECTS Credits: | 10.0 |
| European Credit Transfer System | |
Aims
To support your development in the mathematical methods needed for success at stages 2 and 3 of your economics degree, the ECO1010 module will review, expand and apply to economics, mathematical concepts introduced in your high-school studies. Using various linear and non-linear functional forms, you will model economic phenomena, and from this, be able to use calculus to establish rates of change, linking these to marginal concepts in economics. Furthermore, using these calculus techniques, you will also learn how to optimise such economic relationships, establishing the ‘best’ outcome given a set of variable contributing factors. In a world of limited resources, and so constraints, you also will develop techniques to optimise functions subject to such constraints, appreciating the impact such restrictions can have on the optimal outcome. Integration, as the final topic in the module, will be used to explore areas under curves, again linking to the economic interpretation of such quantities.
Outline Of Syllabus
Semester 1 of the module will cover topics including linear and non-linear functional forms, and basic calculus techniques including optimisation
Semester 2 covers basic integration methods along with developing skills in using multivariate calculus, including constrained and unconstrained optimisation.
Note: A revision of arithmetic, algebra, and the basic mathematical principles of linear, quadratic and polynomial functions will be covered in the not-for-credit module ECO1910. Students who are uncomfortable with maths or who have not studied mathematics in the last two-years should attend this partner module
Teaching Methods
Teaching Activities
| Category | Activity | Number | Length | Student Hours | Comment |
|---|---|---|---|---|---|
| Scheduled Learning And Teaching Activities | Lecture | 30 | 1:00 | 30:00 | PiP lectures |
| Guided Independent Study | Assessment preparation and completion | 1 | 40:00 | 40:00 | N/A |
| Guided Independent Study | Directed research and reading | 1 | 70:00 | 70:00 | N/A |
| Scheduled Learning And Teaching Activities | Small group teaching | 12 | 1:00 | 12:00 | PiP seminars |
| Guided Independent Study | Independent study | 1 | 48:00 | 48:00 | N/A |
| Total | 200:00 |
Teaching Rationale And Relationship
Lectures provide a detailed development of key mathematical ideas and techniques along with their application to the analysis of economic problems. Small-group seminars provide an opportunity to discuss and demonstrate the application of these key mathematical tools. The feedback opportunity these seminars provide is vital to ensuring a solid foundation of the key topics on which the module builds as it progresses. Given the nature of economics as a largely quantitative subject, a sound grounding in mathematics provided by both lectures and a number of topic specific small-group sessions is therefore essential to achieve the learning outcomes of the module.
Assessment Methods
The format of resits will be determined by the Board of Examiners
Exams
| Description | Length | Semester | When Set | Percentage | Comment |
|---|---|---|---|---|---|
| Written Examination | 180 | 2 | A | 80 | Invigilated exam. |
| Digital Examination | 60 | 1 | A | 16 | NUMBAS online exam - invigilated on campus |
Other Assessment
| Description | Semester | When Set | Percentage | Comment |
|---|---|---|---|---|
| Prob solv exercises | 1 | M | 2 | Seminar problem sets |
| Prob solv exercises | 2 | M | 2 | Seminar problem sets |
Formative Assessments
Formative Assessment is an assessment which develops your skills in being assessed, allows for you to receive feedback, and prepares you for being assessed. However, it does not count to your final mark.
| Description | Semester | When Set | Comment |
|---|---|---|---|
| Prob solv exercises | 1 | M | N/A |
| Prob solv exercises | 2 | M | N/A |
Assessment Rationale And Relationship
In addition to the examples given in lectures, additional problem solving exercises are available on Canvas, together providing formative assessment and feedback for students to engage with as part of their learning, and in preparation for the seminars.
The continuous summative assessment component not only provides additional 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 semester one online PC examination is used as a temperature check, and also a consolidation point, for students understanding, prior to the more advanced material developed in semester two.
The final written exam tests the overall knowledge learnt and allows students to demonstrates their ability in applying the mathematics skills learnt to a range of economic problems. This is undertaken in a timed invigilated examination environment, as this is best suited to assessing the learning objectives so ensuring the required standard of mathematics is achieved to enable completion of later stages of an economics related degree programme.
Standard resits will be 100% exam.
Reading Lists
Timetable
- Timetable Website: www.ncl.ac.uk/timetable/
- ECO1010's Timetable