Module code
Module Title
Degree/Diploma
Type of Module
BE-2203
Mathematics for Economics
Bachelor of Business (Economics)
Major Core/Breadth
Modular Credits
4
Total student workload
8
hours/week
Contact hours
4
hours/week
BE-1101 Principles of Economics
SM-1201 Mathematical Methods for the Sciences;
SM-1202 Advanced Mathematical Methods for the Sciences
Prerequisite
Anti-requisite
Aims
To provide students with mathematical tools and techniques that are required to understand economic
models and also to conduct economic analysis using static optimisation, dynamic systems and dynamic
optimisation.
Learning Outcomes:
On successful completion of this module, a student will be expected to be able to:
Lower order :
30% - understand the mathematical concepts and techniques that form the basis of
economic theory courses.
- understand the techniques of multi-variable constrained and unconstrained
maximisation, comparative statistics and dynamic economic model.
Middle order :
50%
Higher order:
20%
- analyse economic issues or problems using a more quantitative approach.
- apply mathematical tools to analyse economic problems.
- explain the mathematical structure of economic theories, in terms of the way in
which each particular mathematical assumption is translated into their economic
counterpart.
- interpret their answers according to the economics underlying the question.
Module Contents
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Review of differentiation and optimisation
Further topics in optimisation
Economic dynamics and integration
Rules and applications of integration
Continuous time differential equation
Time dynamics to differential equations
Discrete time differential equation
Dynamic stability of equilibrium
Higher order difference equation including second order linear difference equation & applications
Optimal control theory
Constrained optimisation in dynamic setting
Assessment
New / Revised
Formative assessment
Summative assessment
Weekly discussion and feedback
Examination: 50%
Coursework: 50%
- Two Mid-Term Tests
30%
- Individual Assignments
20%
GNF/UGSC (date)
Senate (date)