Mathematical Methods for Economics-I

Paper Code: 
ECO 112
Credits: 
4
Contact Hours: 
60.00
Objective: 

This is the first of a compulsory two-course sequence. The objective of this sequence is to transmit the body of basic mathematics that enables the study of economic theory at the undergraduate level, specifically the courses on microeconomic theory, macroeconomic theory, statistics and econometrics set out in this syllabus. In this course, particular economic models are not the ends, but the means for illustrating the method of applying mathematical techniques to economic theory in general. The level of sophistication at which the material is to be taught is indicated by the contents of the prescribed textbook.

12.00
Unit I: 
Preliminaries

Logic and proof techniques; sets and set operations; relations; functions and their properties; number systems.

12.00
Unit II: 
Functions of one real variable

Graphs; elementary types of functions: linear, quadratic, polynomial, power, exponential, logarithmic; limits; continuous functions: characterizations, properties with respect to various operations and applications; differentiable functions: characterizations, properties with respect to various operations and applications; sequences and series: convergence, algebraic properties and applications.

12.00
Unit III: 
Single-variable differentiation

First and second and higher order derivatives: properties and applications.

12.00
Unit IV: 
Single-variable optimization

Geometric properties of functions: convex and concave functions; local and global optima using calculus and its applications.

12.00
Unit V: 
Integration of functions

Areas under curves, indefinite integral, definite integral, economic applications of integration, integration by parts, integration by substitution.

Essential Readings: 

K. Sydsaeter and P. Hammond, Mathematics for Economic Analysis, Pearson Educational Asia: Delhi, 2002.

Academic Session: 
2018-19
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