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Mathematical Methods
Paper Code:
ECO 302
Credits:
3
Contact Hours:
45.00
Max. Marks:
100.00
Objective:
- To introduce the basic concepts of mathematics;
- To apply mathematics as a tool to study economics
7.00
Unit I:
Basic Concepts
- Exponents;
- Linear Equations – slopes, intercepts & slope-intercept form;
- Solving the Equations- Linear and Quadratic ;
- Solving the system of Equations -Elimination and Substitution methods (Up to 3 variables).
10.00
Unit II:
Differential Calculus I
- Simple Differentiation involving – constant function rule, power function rule, rule of sum and differences, product rule, quotient rule, chain rule;
- Higher Order Derivatives.
10.00
Unit III:
Differential Calculus II
- Relationship between Total, Marginal & Average functions;
- Increasing and Decreasing functions;
- Optimizing economic functions.
9.00
Unit IV:
Matrix Algebra I
- Types of Matrices;
- Operations on Matrices;
- Determinants(up to third order matrix);
- Properties of Determinants;
9.00
Unit V:
Matrix Algebra II
- Solving linear equations by determinants-Cramer’s rule.
- Minors and cofactors;
- Adjoint and Inverse of Matrix;
- Solving linear equations with an inverse matrix.
Essential Readings:
- Dowling,E.T., Schaum’s Outlines, Mathematical Methods for Business And Economics, McGraw Hill.
- Mehta, B.C., and G.M.K. Madnani, Mathematics for Economists, Sultan Chand & Sons, New Delhi.
References:
- Chiang, A.C., Fundamental Methods of Mathematical Economics (3 rd Edition),McGraw Hill, New Delhi
Academic Session:
