Course Overview
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Course Synopsis
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Mathematical economics is very important and interesting approach to economics. It can include problems from all branches of economics and other disciplines. It deals with the mathematical tools including application of algebra on market equilibrium application of matrices on national income analysis application of differentiation on marginal utilitycostproduct. The use of symbols equations numbers etc makes results concise and precise. Mathematical economics give liberty to use more and more variables in one situation. During current time economics is highly mathematized. Lot of mathematics is now used in latest literature and research journals of economics.
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Course Learning Outcomes
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At the end of the course students should be able to
- Use the mathematical tools in economics concepts and to solve the economic problems accordingly.
- Use the symbols numerical numbers equations identities calculus along with theoretical economic concepts.
- Apply the knowledge of algebra matrices derivatives differentiation logarithms on the theoretical concepts of market equilibrium national income analysis utility analysis cost analysis production analysis and profit maximization analysis.
- Apply the knowledge of mathematical tools on Cobb Douglas production function and CES production function.
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Course Calendar
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Week 01
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1
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Introduction to Mathematical Economics
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2
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Ingredients of a Mathematical Model
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3
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Use of Sets in Economics
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Week 02
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4
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Use of Functions in Economics
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5
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Constant Functions and Linear Functions
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6
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Quadratic Functions and Cubic Functions
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Week 03
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7
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Rational Functions and Exponential Functions
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8
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Logarithmic Functions and Inverse Functions
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Assignment
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9
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Equations and Types of Equations
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Week 04
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10
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Partial Linear Market Equilibrium
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Quiz No 1
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11
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General Equilibrium and National Income Equilibrium
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12
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Use of Matrices in Economics
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Quiz No 2
Week 05
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13
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Laws of Operations of Matrices
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14
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Determinant and Inverse of Matrices
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15
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Matrix Inversion Method
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Week 06
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16
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Cramer’s Rule in Matrices
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17
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Input Output Analysis using Matrices
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18
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Concept of Derivative and Rules of Differentiation
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Week 07
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19
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Product Rule and Quotient Rule of Differentiation
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20
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Cost and Revenue Analysis using Differentiation
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21
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Chain Rule and Inverse Function Rule of Differentiation
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Week 08
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22
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Use of Partial Differentiation in Economics
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23
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Market Model Analysis using Partial Derivatives
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24
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Second and Higher Order Derivatives
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Week 09
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25
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Partial Derivatives Application on Elasticity and Production Functions
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26
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Partial Derivatives Application on Consumer and Producer Theories
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27
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Concept of Differentials and their Economic Applications
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Week 10
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28
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Use of Total Differentials in Utility Functions and Elasticity
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29
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Concept of Total Derivatives
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GDB
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30
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Concept of Implicit Differentiation and their Economic Applications
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Week 11
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31
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Exponential Functions and Growth
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32
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Use of Logarithms in Economics
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33
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Rules of Differentiation of Exponential and Logarithmic Functions
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Week 12
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34
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Finding the Rate of Growth using Exponential and Logarithmic Functions
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35
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Concept of Optimization
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Quiz No 3
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36
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Profit Maximization Analysis
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Week 13
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37
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Profit Maximization Analysis (Continued 1)
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38
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Profit Maximization Analysis (Continued 2)
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39
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Profit Maximization Analysis (Continued 3)
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Week 14
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40
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Constrained Optimization Analysis
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41
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Utility Maximization Analysis
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42
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Homogeneous Production Function
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Week 15
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43
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Cobb-Douglas Production Function
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44
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CES Production Function
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