1. To orient the students with the preliminary concepts of mathematics.
2. To comprehend the concepts of functions, matrices and determinants.
3. To acquaint the students with the technique of differentiation and its applications in economics.
· Basics of a Mathematical Model- variables, constants & parameters
· equations & identities
· Sets and sets operations
· Indices; Surds
· Logarithms
· Arithmetic, Geometric and Harmonic Progression
· Permutations and combinations
· Binomial expansion
· Relations and Functions
· Types of Functions- Constant, linear, quadratic, cubic, power, exponential and logarithmic functions
· Linear Equations and Graphs- slopes, intercepts, the slope-intercept form
· Determining the equation of a straight-line
· Systems of equations-Solution by Elimination and Substitution methods, Graphical Solution
· Equilibrium Analysis in Economics
· Quadratic equations- solution and applications
· Matrix and matrix operations
· Minors and cofactors
· Adjoint and Inverse of Matrix
· Determinants: solution and properties
· Systems of linear equations and their solution- Cramer’s rule & Inverse Matrix
· Concept of differentiation
· Rules of differentiation– constant function rule, power function rule, rule of sum and differences, product rule, quotient rule, chain rule
First Order &Higher order derivatives
· Increasing and decreasing functions
· Concavity and convexity, Inflection points
· Marginal concepts
· Optimization using calculus and its applications in Economics
1. Sydsaeter, K and Hammond, P. J., Mathematics for Economic Analysis. Pearson Educational Asia, 2017.
2. Chiang, A. C. &Wainwright, K., Fundamental Methods of Mathematical Economics McGraw Hill Education, 4th Edition, 2013.
1. Schmidt, P.A. and Ayres F. ,Schaum’s Outlines of Theory and Problems of College Mathematics, McGraw Hill, 3rd Edition, 2005.
2. Dowling, E. T., Schaum’s Outline of Introduction to Mathematical Economics, McGraw Hill. 3rd Edition, 2011.