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Mathematical Methods
Course Objectives:
The objectives of this course are-
1. To develop an understanding of the mathematical tools used in economic analysis in the students.
2. To help the students to understand the concepts of matrices and determinants.
3. To acquaint the students with the knowledge of optimization in economic functions.
Course Outcomes (COs):
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Course |
Outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Paper Code |
Paper Title |
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ECO 302 |
Mathematical Methods |
CO 20: Acquire knowledge of different mathematical tools. CO 21: Apply the techniques of differentiation, matrices and determinants etc for economic analysis and optimizing functions.
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Approach in teaching: Interactive Lectures and Discussions.
Learning activities for the students: Practice Modules and Assignments. |
Class activity, Assignments and Semester end examinations. |
- Exponents;
- Linear Equations – slopes, intercepts & slope-intercept form;
- Solving the Equations- Linear and Quadratic ;
- Solving the system of Equations -Elimination and Substitution methods (Up to 2 variables).
- Simple Differentiation involving – constant function rule, power function rule, rule of sum and differences, product rule, quotient rule, chain rule;
- Higher Order Derivatives.
- Relationship between Total, Marginal & Average functions;
- Increasing and Decreasing functions;
- Optimizing economic functions.
- Types of Matrices;
- Operations on Matrices;
- Determinants(up to third order matrix);
- Properties of Determinants;
- Solving linear equations by determinants-Cramer’s rule.
- Minors and cofactors;
- Adjoint and Inverse of Matrix;
- Solving linear equations with an inverse matrix.
- Dowling,E.T., Schaum’s Outlines, Mathematical Methods for Business And Economics, McGraw Hill.
- Mehta, B.C., and G.M.K. Madnani, Mathematics for Economists, Sultan Chand & Sons, New Delhi.
- Chiang, A.C., Fundamental Methods of Mathematical Economics (3 rd Edition),McGraw Hill, New Delhi
