Coming soon
MATHEMATICAL METHODS FOR ECONOMICS
1. To develop an understanding of preliminary concepts of mathematics used in economics.
2. To help the students acquaint with the techniques of differentiation and integration and their uses in economics.
3. To appraise the students with the techniques of linear programming and game theory and their applications.
Basics of a mathematical model;Functions and their types. Demand and supply functions, Cost and revenue functions, Consumption function, IS & LM functions; Multivariate functions-Market equilibria.
Fundamentals of matrix algebra; properties of determinants; solving equations by inverse matrix method and Crammer’s rule; Application: Input-output analysis.
Rules of simple differentiation, higher order derivatives, concavity and convexity, maxima, minima and point of inflection, Partial derivatives; unconstrained and constrained optimization, Use of derivatives in economics
Concept of integration, simple rules of integration, definite integral, Application of integration - Consumer’s surplus, producer’s surplus; cost,revenue, demand and consumption/ saving functions.
Basic Concepts, formulation of LP problem, basic feasible solution and optimal solution, graphical and simplex methods; concept of primal and dual.
Game Theory
- Chiang, Alpha C. and Wainwright, Kevin, Fundamental Methods of Mathematical Economics, McGraw Hill Education; Fourth Edition, July 2017.
- Mehta, B.C. &Madnani, G.M.K., Mathematics for Economists, Sultan Chand and Sons, New Delhi, 2007.
- Allen, R.G.D., Mathematical Analysis for Economists, Trinity Press, 2014.
- Dowling, Edward, Mathematical Methods for Business and Economics, Schaum’s Outlines, McGraw Hill Education, 2009.
- Yamane, Taro, Mathematics for Economists: An Elementary Survey, Literary Licensing, LLC, 2012.
