Department of Economics, Unit Catalogue 2011/12
|Level:||Certificate (FHEQ level 4)|
|Assessment:||EX 70%, OT 30%|
|Supplementary Assessment:||ES10005 Resit Exam (where allowed by programme regulations)|
|Requisites:||In order to take this unit you must have A level Mathematics (or equivalent). Single honours students must take ES10006 whilst taking this unit.|
To provide students with knowledge of areas of mathematics that are relevant to undergraduate economics and to prepare them for more advanced units in economics and econometrics.
By the end of the course unit, students should be able to understand key mathematical concepts, solve mathematical problems, and apply mathematics to economic problems.
Students will develop mathematical skills, specifically as listed below.
* Differentiation: differentiation of functions of one variable: rules of differentiation, stationary points, higher order derivatives, concavity and convexity, point of inflection, differentiation of exponential and logarithmic functions, concepts of marginals and elasticities, single variable optimization problems.
* Partial Differentiation: differentiation of functions of more than one variable; higher order partial derivatives, total differentials, implicit differentiation, homogeneous functions and Euler's theorem, concepts of marginals and elasticities.
* Integration: indefinite integration as the reverse of differentiation. Definite integration and the area under a curve.
* Matrices: matrix operations; determinants; matrix inversion; solution of system of linear equations by matrix inversion; Cramer's rule; quadratic forms: definiteness, characteristic root and characteristic vector.
* Concavity and convexity of functions of more than one variable; unconstrained and constrained optimization problems involving more than one variable.
A.C. Chiang Fundamental Methods of Mathematical Economics
I. Jacques Mathematics for Economics and Business.
ES10005 is Compulsory on the following programmes:Department of Economics