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MATHEMATICAL METHODS FOR ECONOMIC ANALYSIS
To understand the application of mathematics in economic theory.
Constants, variables, parameters, intercepts Coefficients-Functions-inverse, general and specific functions-Equations-Applications-Demand and supply functions-Cost and revenue functions-Consumption function-IS & LM functions-Multivariable functions-Market equilibria.
Rules of differentiation-slopes-linear and non linear functions-partial derivatives-higher order derivatives-Young’s Theorem- Constrained & unconstrained optimization- Lagrangian Multiplier-Interpretation-Use of derivatives in economics –Maximization, minimization, elasticities – Utility function – production function – revenue, cost and profit functions (simple problems).
Concept-simple rules of integration-application to Consumer’s surplus & producer’s surplus-Costs & revenues.
Fundamentals of matrix algebra; solving equations- Crammer’s rule & inverse of a matrix; properties of determinants; Application: Input-output analysis.
Basic Concepts, formulation of an LP problem-feasible, basic and optimal solution-graphic and simplex methods-formulation of the dual of a programme and its interpretation-Applications of LP technique.
- Yamane, Taro (1975), Mathematics for Economists, PHI, New Delhi.
- Allen, R.G.D.(1974), Mathematical Analysis for Economists, Macmillan Press, New Delhi.
- Gupta, S.C.(1993), Fundamentals of Applied Statistics., S.Chand, NewDelhi.
- Chiang, A.C. (1986), Fundamental Methods of Mathematical Economics, McGraw Hill,New York.
- Handry, A.T.(1999), Operations Research, PHI, New Delhi.
6. Salvatore, Dominick (1992), Mathematics for Economists, Schaum Series.
