Course Title: Basic Mathematics for Economics Analysis: An Interpretative Approach Using Mathematical Tools
Instructor: Shashi Kr Shaw
Course Start Date: 24th September, 2024
Course Duration: 30+ hours (35 hours approx.)
Course Fee: ₹100
Certification: Students scoring at least 75% will receive a certificate.
Unit 1: Basic Concepts of Algebra and Graphs
Introduction to Variables, Constants, and Parameters - Notes
Functions: Definition and Types (Linear and Non-linear)
Equations: Solving Linear and Quadratic Equations
Systems of Equations
Simultaneous Equations and Applications in Economics
Inequalities and their Applications
Unit 2: Intercept and Slope: (10 hours)
Intercepts for x-axis and y-axis (positive and negative values) - Slope: Negative, positive, zero, and undefined - Notes
Combining Intercept and Slope, Converting Tabular Data to Equations and Graphs
Economic Applications: Consumption-Income relationship, Demand and Supply, Comparative Static Analysis.
Class task - Submit by 10 pm, 3rd October,2024
Unit 3: Solutions and Relationships
Types of Solutions: Unique Solution, No Solution, Multiple Solutions
Relationships:
Linear vs. Non-linear Relationships
Proportional vs. Non-proportional Relationships
Dependent and Independent Variables
Unit 4: Calculus for Economics : Differentiation and Integration
Basic Differentiation:
Rules and Techniques
Economic Applications of Derivatives: Marginal Cost, Marginal Revenue
Optimization: Finding Maxima and Minima in Economic Models
Economic Applications of Calculus:
Using Calculus for Economic Analysis
· Partial Differentiation: Introduction and Applications in Multivariable Functions
Total Differentiation: Introduction, application in Economics; derivation of MRS, MRTS
Basic Integration:
Rules and Techniques
Definite and Indefinite Integrals
Applications in Economics: Consumer Surplus, Producer Surplus
Area Under Curves and Economic Relevance
Integration Techniques in Economic Models
Reading
1. Simon and Blume (1994): Mathematics for Economists, 1st Edition, W.W Norton & Company
2.Chiang, A.C. & Wainwright, K (2005): Fundamental Methods of Mathematical Economics, 4th Edition, McGraw Hill Education (India) Private Limited
3. Sydsæter, K., Hammond, P., & Strøm, A. (2012). Essential Mathematics for Economic Analysis (4th ed.). Pearson
4. Rosser, M., (2003). Basic Mathematics for Economists,2nd Edition, Routledge,
5. Baldani, J., Bradfield, J., & Turner, R. W. (1996). Mathematical Economics. The Dryden Press.
6. Sarkhel, J., & Bhukta, A. (2011). An Introduction to Mathematical Techniques for Economic Analysis (2nd ed.). Book Syndicate Pvt Limited
Course Evaluation Details
Mode of Instruction: Offline
Course Materials: Relevant materials will be available on the course website.
Assessment:
- 4 assignments based on class teaching (Weightage: 1/3 rd)
- Final Exam (10 questions) (Weightage: 1/3 rd)
- Presentation (Weightage: 1/3 rd)
Passing Criteria:
- Students securing 75% marks will be considered successful.
- Certificate of completion will be awarded to successful students.
Note: Regular attendance and active participation in class are expected