Mathematical Methods for 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