Coming soon
Mathematical Methods for Economics-I
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; Real-Number System; 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; determinants: solution and properties; systems of linear equations and their solution.
Nature of Comparative Statics; Rate of change and the derivative; Derivatives and the slope of a curve; Concept of Limit; Limit Theorems; Continuity and Differentiability of a Function.
Rules of differentiation; Higher order derivatives.
Increasing and decreasing functions; Concavity and convexity; Inflection points; Marginal concepts; Optimization- local and global optima using calculus; and its applications.
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.
