Mathematics for Economists
| Module title | Mathematics for Economists |
|---|---|
| Module code | BEE1024 |
| Academic year | 2024/5 |
| Credits | 15 |
| Module staff | Dr Namhyun Kim (Convenor) Dr Ethan Addicott (Convenor) Dr Giancarlo Ianulardo (Convenor) |
| Duration: Term | 1 | 2 | 3 |
|---|---|---|---|
| Duration: Weeks | 11 |
| Number students taking module (anticipated) | 330 |
|---|
Module description
Summary:
This module aims to make you familiar with those mathematical tools and methods which are used frequently in most economics courses and to show you how they are applied.
Additional Information:
Internationalisation
Mathematics is a global language, so the technical skills students acquire in this module can be used internationally.
Employability
By solving statistical mathematical problems and exercises, students are equipped with practical problem-solving skills, theoretical skills, and an understanding of mathematical relationships. All of these are highly valuable to employers.
Sustainability
All of the resources for this module are available on the ELE (Exeter Learning Environment).
Module aims - intentions of the module
Economic problems are often expressed using mathematical models. Therefore we introduce models which are to be formulated, analysed and then confronted with real-world data. This module aims to make students familiar with those mathematical tools and methods which are used frequently in most economic modules and to demonstrate how they are applied.
Intended Learning Outcomes (ILOs)
ILO: Module-specific skills
On successfully completing the module you will be able to...
- 1. develop the skills to differentiate functions in several variables and solve definite and indefinite integrals;
- 2. solve basic systems of equations using matrix algebra;
- 3. apply mathematical tools to solve economic optimisation problems.
ILO: Discipline-specific skills
On successfully completing the module you will be able to...
- 4. formulate microeconomic problems in a more rigorous formal language;
- 5. translate in a formal language microeconomic and macroeconomic problems;
- 6. manipulate and solve systems of equations using matrix algebra techniques that are essential for econometrics;.
ILO: Personal and key skills
On successfully completing the module you will be able to...
- 7. on the successful completion of this module you should be numerically confident and have the ability for logical and structured problem analysis.
Syllabus plan
This is an indicative outline (further details will be available in lecture 1)
• Partial derivatives for multivariate functions (week 1)
• Unconstrained optimization and applications (week 2-3)
• Constrained optimization and applications (week 4-5)
• Second order conditions (week 6)
• Logarithms and exponential functions (week 7)
• Vectors and matrices (week 8-9)
• Determinants (week 10)
• Revision (week 11)
Learning activities and teaching methods (given in hours of study time)
| Scheduled Learning and Teaching Activities | Guided independent study | Placement / study abroad |
|---|---|---|
| 32 | 118 | 0 |
Details of learning activities and teaching methods
| Category | Hours of study time | Description |
|---|---|---|
| Scheduled Learning and Teaching Activity | 22 | Lectures |
| Scheduled Learning and Teaching Activity | 10 | Tutorials |
| Guided Independent Study | 118 | Reading, research, reflection; Preparation for assignments |
Formative assessment
| Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|
| Exercises | Weekly | 1-7 | In-class solutions and posted feedback |
Summative assessment (% of credit)
| Coursework | Written exams | Practical exams |
|---|---|---|
| 0 | 100 | 0 |
Details of summative assessment
| Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|---|
| Mid-Term Exam | 30 | 40 minutes | 1-7 | Exam result |
| Examination | 70 | 90 minutes | 1-7 | Exam result |
Details of re-assessment (where required by referral or deferral)
| Original form of assessment | Form of re-assessment | ILOs re-assessed | Timescale for re-assessment |
|---|---|---|---|
| Mid-Term Examination (30%) | Examination (40 minutes, 30%) | 1-7 | Referral/Deferral Period |
| Final Examination (70%) | Examination (90 minutes, 70%) | 1-7 | Referral/Deferral Period |
Re-assessment notes
Deferrals will take place as soon as possible within the same term;
Referrals** and any further deferrals will take place in the August/September Reassessment Period
Indicative learning resources - Basic reading
Sydsaeter K. and P. J. - Hammond, (2021), Essential Mathematics for Economic Analysis 6th ed., Prentice Hall.
Geoff Renshaw, (2021), Maths for Economics 5th ed., Oxford University Press.
Jacques I., (2018), Mathematics for Economics and Business, 9th ed., Addison-Wesley.
Indicative learning resources - Web based and electronic resources
https://vle.exeter.ac.uk/course/view.php?id=8896
| Credit value | 15 |
|---|---|
| Module ECTS | 7.5 |
| Module pre-requisites | BEE1035 or A level Mathematics at Grade B or above (or equivalent) |
| Module co-requisites | Non-Req - Cannot be taken with BEA1010 or at the same time as BEE1035. Not available to 2nd year AF students or Maths students |
| NQF level (module) | 4 |
| Available as distance learning? | No |
| Origin date | 01/09/2007 |
| Last revision date | 10/03/2023 |
