Math for Economist

Course Description

The Course aims to qualify students with skills to solve economic and business problems applying the fundamental mathematical methods. Topics provided precisely, explained methods and given algorithms of solving problems.

List of topics that covered during course:

  1. Supply and demand analysis; Break-even-analysis. Determining profit zones. Determining equilibrium price-quantity.
  2. Linear Models and Matrix Algebra: Application of matrices to solve system of linear equations. Calculation of cost, revenue, profit, and etc.
  3. Input-Output analysis. Determining volume of inter-industrial goods flow.
  4. Differentiation: derivative in Economic and Business problems. Marginal functions. Optimization.
  5. Partial differentiation: Constrained optimization of several variables functions. Lagrange multiplier's method.
  6. Linear programming: Optimization of linear constraints and objective function. Simplex method.

References:

  1. Mizrahi A. and Sullivan M., 1988., Mathematics for business and social sciences: An Applied Approach., Wiley.
  2. Jacques I., 2006., Mathematics for Economics and Business., Pearson Education Limited.
  3. L.D. Hoffman and G.L. Bradley., 2000., Calculus for Business, Economics, and The Social and Life Sciences., McGraw-Hill Higher Education.
  4. Edward T. Dowling., 2009., Schaum's Outline of Mathematical Methods for Business and Economics., McGraw Hill Professional.