1. 2. 3. 4.Name of Course: Course Code: Name(s) of academic staff: Rationale for the inclusion of Ekonomi Matematik (Mathematical Economics) BT11803 DR. QAISER MUNIR [email protected], Room 57, Level 4, ext. 1625 the course/module in the programme This is a school core subject which is to introduce and developing ability in translating economic problems and theories that students will encounter in their economics modules, into mathematical models, and on solving these models. It is important for economics students to know about the basics of mathematical economics involving in business, marketing and finance. 5. 6. Semester and Year offered: Semester 1 for 2nd year students Total Student Face to Face Total Guided and Independent Learning Learning Time (SLT) L = Lecture L T P O Refer to appendix T = Tutorial P = Practical O= Others Credit Value: 3 Prerequisite (if any): None Learning outcomes: At the end of the course, students should be able to: • define and understand the fundamental mathematical techniques in the theories of microeconomics and macroeconomics [PLO1,] [C2] • identify and apply mathematical techniques to understand the fundamental principals behind economic concepts and to economic policy analysis and formulation [PLO1, P2] [C3] [CTPS1] • Relate and develop the knowledge of various economic models in microeconomics and macroeconomics [PLO1] [P3] [C6] [CTPS3] • Work and communicate effectively in written and oral form through group discussion and presentation session. [PLO4] [A4] [CS1] 10. Transferable Skills: Comprehension skills Problem-solving skills Critical thinking skills 11. Teaching-learning and assessment strategy Lectures, tutorial, e-learning using SMARTUMS Learning Management System midterm examination, final examination 12. Synopsis: Students of economics need several important mathematical tools. Economics is a technical discipline which can be described quantitatively at different levels. Thus there is a need to provide sufficient mathematical training and knowledge consistent with the ability to deal with the mathematical descriptions of a wide range of theoretical concepts contained in economics. This module increases the students’ knowledge base and provides more insight into the role of mathematics in economics. The aim of the module is to provide students with the mathematical tools required for economic analysis at undergraduate level. Emphasis will be placed in developing ability in translating economic problems that students will encounter in their economics modules, into mathematical models, and on solving these models. Furthermore, the module aims to prepare students for further study, or for professional and managerial careers, particularly in areas requiring the application of quantitative skills. 7. 8. 9. 1 All components of the above assessment are compulsory and must be completed before the stipulated deadlines.13. Mode of Delivery: Lecture. Mapping of the course/module to the Programme Aims Refer to attached Program Summary Matrix 16. and e-learning 14. Assessment Methods and Types: The assessment for this course will be based on the following: Component First Exam Second Exam Third Exam Final Exam (Comprehensive) Total Weight 20% 20% 20% 40% 100% 15. Tutorial. Mapping of the course/module to the Programme Learning Outcomes Refer to attached Program Summary Matrix 2 . MR. Determining maximum and minimum turning point. area. revenue. optimal solutions. the national income model and IS-LM model. AR for a perfectly competitive firm and a monopolist. First Exam 6. Cubic and other polynomial Functions. Marginal cost (MC). Percentages. Logarithmic functions. and income. Application: Demand. subtraction. Slope and intercepts. supply. average cost (AC). cost. 10. the derivative as a rate of change. economic application of maximum and minimum turning points: break-even. simultaneous equations in three unknowns. more applications of differential equations. Applications: Finding minimum cost subject to constraints. and multiplication of matrices. Marginal concepts and optimization Quadratic. differential equations. input-output analysis. integration with initial conditions. 4. GaussJordan elimination. profit. Differentiation and Application Derivatives. Calculating break-even points. the indefinite integral. inverse matrix. Consumption and changes in income. Real numbers. rules for differentiation.17. Marginal and Average propensity to consume and save. approximate integration. Application: Goods market equilibrium. Logarithms. Total revenue. summation. Solution of a system of equations: Gaussian elimination. integration by partial fractions. basic rules of algebra 2. Fractions. Non-linear Equations and Applications Application of matrices: cost. Mathematical Review Arithmetic operations. integration by tables. Applications: non-linear demand. profit maximization and price discrimination. Matrices with applications Integration by parts. Exponents and radicals (powers). the definite integral. integration formulae. Cramer’s rule. loss. Third Exam 3 . the fundamental theorem of integral calculus. Linear programming with Applications Linear programming. Application: Population growth. 5. Budget and cost constraints 3. total cost profit function. Taxes. average value of a function. supply. improper integrals 14. hyperbolic functions 8/9. Exponential functions. area between curves. Consumer and Producer surplus. Matrices. Mathematical modeling. Integration and applications of integration Differentials. supply and total revenue functions. Content outline of the course/module and the SLT per topic (Please Refer to appendix) Weekly Topics 1. Profit maximization subject to constraints. Second Exam 11/12. techniques of integration. Average revenue (AR). Labor market equilibrium. Simultaneous Equations and Applications Solving simultaneous Linear equations. addition. revenue. 7. Application of differentiation: Calculating marginal revenue (MR) over interval. Graphs of straight lines. consumers’ and producers’ surplus 13. Subsidies and their distribution. Linear Equation and applications Explaining straight line. profit. elasticity of demand. Inc. Life Sciences & Social Sciences. 4 . Economics. “Mathematics for Economics and Business”. P. (2008) “Essential Mathematics for Economic Analysis”. (2008) Introductory Mathematical Analysis. additional teaching materials. Other additional information This subject is a compulsory School Core subject for Economics students.18. 11th Edition. K & Hammond. 12th Edition. Prentice Hall-Financial Times Barnett. Week 12 – Students to fill in course evaluation online.A. (2008). New York: United States of America (USA) Ian Jacques. & Wood. John Wiley & Sons. Ltd Geoff Renshaw.R. E. R. Pearson Education International Dowling. Compulsory for all students. (2007) College Mathematics for Business. *Other references to be distributed by the lecturer from time to time. E. Oxford University Press. “Essential Mathematics for Economics and Business”. & Byleen K. 19. The McGrawHill Companies.. Course syllabus.T. E-learning materials: More details are available at BT11803 Smartums (Learning Management System) website. 5th Edition. Paul.E. 3rd Edition. (2005) “ Maths for Economics”.. R.S. 3rd Edition. (2001) Introduction to Mathematical Economics 3rd Edition. Main textbook : • Rebecca Taylor and Simon Hawkins. Schaum’s Outlines. Pearson International Edition Hauessler. R. McGraw-Hill Higher Education Additional References: • • • • • • • Teresa Bradley.J. (2006) “Mathematics for Economics and Business”.F. (2008). Ziegler M. Prentice Hall-Financial Times Sydsaeter.