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Mathematical Methods for Economics

Course Description:


This course gives students a working Knowledge of mathematical methods applied in economics. Topics include introduction to functions, system of equations, matrix algebra and equilibrium analysis, comparative statics analysis, classical optimization with and without constraints, differential equations, and linear programming. Knowing these methods will equip students to solve complex economic models. All mathematical techniques are illustrated with mainstream theoretical applications such as consumer and the producer theory


Topics to be Covered
List of Topics

No. of


Contact hours
Introduction The Mathematical Framework of Economic. 13
An Introduction to Functions and equations: Properties of functions, some specific functions, type of equations.13
Systems of equations: applications to equilibrium analysis in economics (market model and national-income model)13
Matrix Algebra and Linear Models; Economic Applications: Equilibrium analysis in economics. (market model and national-income model) 26
An Introduction to Differential Calculus (Univariate Calculus, and Multivariate Calculus).13
Comparative Statics analysis: The Nature of Comparative, comparative- Static and the concept of the derivative. Applications to comparative- Static analysis (The effect of VAT on equilibrium prices). 13
Unconstrained Optimization; univariate and multivariate functions, Economic Application.   26
Optimization with Equality Constraints: Effects of A Constraint, Converting constrained optimization problems into unconstrained optimization problems, Lagrangian functions Economic Applications: Utility Maximization and Consumer Demand, profit Maximization and Least-cost Combination of Inputs.26
Economic Dynamics and First-Order Differential Equations13
Optimization under inequalities constraints: Linear Programingو Simple Examples of linear Programming; Simplex Method, Kuhn-Tucker Conditions.26


Schedule of Assessment Tasks for Students During the Semester
 Assessment task (i.e., essay, test, quizzes, group project, examination, speech, oral presentation, etc.)Week DueProportion of Total Assessment
1In class/Online Quiz Week 5,1310%
2MidtermWeek 720%
3In class  participation/Individual Assignment 15%
4In-class test Week 1115%
5Final Exam End of Semester40%