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Mathematical Methods for Economics-II [1]

Paper Code: 
ECO 212
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

To introduce mathematics as a tool to elucidate economics theory.

12.00
Unit I: 
Differential Calculus (Functions with one independent variable)
  • Rules of differentiation;
  • Higher-order derivatives;
  • Increasing and decreasing functions; test of concavity and convexity;
  • Point of inflection;
  • Optimization of functions.
12.00
Unit II: 
Differential Calculus (Multivariable Functions)

(The emphasis throughout should be on functions of two variables without, however, restricting the discussion only to the case)

  • First- and second-order partial derivatives;
  • Total Differentials;
  • Optimization- Unconstrained and constrained (Lagrange-Multiplier Method).
12.00
Unit III: 
Integral Calculus (Indefinite Integrals)
  • Nature of Integrals;
  • Basic Rules of Integration;
  • Integration by substitution and by parts;
  • Simple Economic Applications.
12.00
Unit IV: 
Integral Calculus II (Definite Integrals)
  • Meaning of Definite Integrals;
  • Definite Integral as an Area under a curve;
  • Properties of Definite Integrals;
  • Simple Economic Applications-Consumer’s and Producer’s surplus.
12.00
Unit V: 
Dynamic Analysis
  • First-Order Linear Difference equations-Solving a first order difference equation, Dynamic Stability of equilibrium (Discrete time).
  • First-Order Linear Differential equations with constant coefficient and constant term.
Essential Readings: 
  1. Chiang, A. C., Kevin Wainwright, Fundamental Methods of Mathematical Economics  ( Fourth Edition), McGraw Hill, 2005
  2. Dowling, E. T. (1993), Schaum’s Outline of Theory and Problems of Mathematical Methods for Business and Economics, McGraw Hill.
References: 
  1. K. Sydsaeter and P. Hammond, Mathematics for Economic Analysis, Pearson Educational Asia, Delhi, 2002.
  1. Allen, R.G.D. (1974), Mathematical Analysis for Economists, Macmillan Press, London.
  2. Mehta, B.C. and G.M.K. Madnani, Mathematics for Economists, Sultan Chand & Sons, New Delhi.
  3. Yamane, Taro (1975), Mathematics for Economists, Prentice Hall of India, New Delhi.
Academic Session: 
2016-17 [2]

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Source URL: https://economics.iisuniv.ac.in/courses/subjects/mathematical-methods-economics-ii-3

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[1] https://economics.iisuniv.ac.in/courses/subjects/mathematical-methods-economics-ii-3
[2] https://economics.iisuniv.ac.in/academic-session/2016-17