This course will develop the understanding of mathematical concepts. Starting from the differentiation of mathematical and non-mathematical economics, it will introduce students to the concepts like, economic models, equilibrium analysis, linear models and matrix algebra, comparative static analysis, differentiation, optimization, exponential and logarithmic functions, dynamic analysis etc.
Course Objectives & Learning Outcomes:
- By the end of the course, students should be able to:
- Define and understand the basic mathematical economic terms and concepts.
- Understand economic models.
- Understand the role and interaction variables in equilibrium analysis.
- Develop an understanding of linear models and matrix algebra.
- Understand comparative static analysis.
- Understand and apply optimization rules.
- Apply dynamic analysis.
Texts and References:
- Dowling, E. T. (2001). Mathematics for Economists, Schaum’s Outline Series- 3rd Edition – McGraw Hill Publishing Company.
- Wainwright, K. and A. C. Chiang (2004). Fundamental Methods of Mathematical Economics – 4th Edition, McGraw-Hill/Irwin Publishing Company.
- Carl P. Simon and Lawrence Blume, Mathematics for Economists; W W Norton, 1994.
- Calculus and its Applications, (New 12th Edition Bundle Set) by Goldstein, D. Lay and D. Schneider. Published by Prentice Hall. ISBN: 0321643658