Course Start From 7th August,2025

Course Completed on 15th December,2025-120  Teaching Hours

Attendance

Unit 1: Basic Mathematical Concepts with Economic Illustrations

Unit 1 Complete Notes Submission Link-Submit by 12th Nov, 2025

• 1.1 Role of Mathematics in Economic Analysis

  • Importance of mathematical tools in economic modeling and analysis

• Variables, Constants, and Parameters

  • Definitions and roles in economic contexts

  • Real-number system, Arithmetic Progression (A.P.), Geometric Progression (G.P.)

• Sets

  • Types: Finite, infinite, convex sets

  • Operations: Union, intersection, complement

  • Cartesian products of sets

• Relations and Functions

  • Definitions and properties

  • Functions: Domain, range, types (constant, polynomial, rational, non-algebraic)

  • Inverse functions

  • Functions with multiple independent variables

• 1.2 Limits and Continuity

  • Concept of limits and continuity in functions

  • Key limit theorems (without proofs)

• Derivatives

  • First and second-order derivatives

  • Rules of differentiation

  • Partial derivatives

  • Maclaurin and Taylor series for polynomial functions

• Economic Applications

  • Marginal and average functions

  • Utility functions, marginal utility, indifference curves

  • Demand functions and elasticities

  • Production functions: Elasticities, cost, revenue, and profit functions

• Homogeneous and Homothetic Functions

  • Properties of homogeneous functions

  • Cobb-Douglas and CES production functions

  • Notions of concavity and convexity

• 1.3 Matrices

  • Types: Square, identity, zero matrices

  • Operations: Addition, subtraction, multiplication

  • Determinant and inverse of square matrices

  • Cramer’s rule for solving linear equations

  • Applications: Market models, national income models, Leontief Input-Output Model

Class task 1.3.1 Matrices Submission link -  Submit by 17th August

Lecture - 1 - Matrix Introduction - Youtube Video Link , Reading , Question set 1 , Sol 1 , Notes , Practice set1 ,Question set 2.1 , Sol 2.1

Lecture 2 - Finding out Determinants of Matrices. - Youtube Video link , Question set 2.2 with solution

Lecture 3 - Finding the Inverse of a Matrix - Youtube Video Link , Question set 2.3 , Solution 2.3

Lecture -4 Solving System of Linear equation using Inverse Matrix method - Youtube Link , Question set 3., Solution set 3

Lecture -5 Solving System of Linear equation using Cramer's Rule - Youtube Video Link. Question set 4.1, 

Lecture 2.1 -Leontief 2x2 Input Output Analysis -Video

Lecture 2.2 - Leonteif I-O Analysis with Price System and Numerical - Video

Matrices and Determinants Complete notes

Unit 2: Optimization with and without Constraints

Class task Unit 2 Submission Link-4th Dec,2025

• Concept of Optimization

  • Structure: Choice variables, objective function, feasible set

  • Solutions to optimisation problems: Local vs. global optima

• Unconstrained Optimization

  • Necessary and sufficient conditions

  • Single and multiple choice variables

  • Quadratic forms

• Optimization with Equality Constraints

  • Lagrange Multiplier Method

  • Bordered Hessian Determinant

• Economic Applications

  • Utility maximization: Income consumption curve, derivation of demand curves

• Duality Concepts

  • Indirect utility function

  • Roy’s identity

  • Derivation of Compensated demand function

  • Shephard’s Lemma

  • Slutsky’s equation

• Cost and Profit Optimization

  • Cost minimization for firms

  • Profit maximization

  • Derivation of factor demand function, cost function, expansion path

Unit 3: Linear Optimization

Class task Unit 3 Submission Link-22/12/25

• Linear Programming Problem (LPP)

  • General formulation

  • Duality and economic interpretation

• Solution Methods

  • Graphical method

  • Concept of basic and basic feasible solutions

  • Simplex method

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References/ Suggested Readings:

1. A.C. Chiang and K. Wainwright- Fundamental Methods of Mathematical Economics; 4th Edition- McGraw Hill Education

2. A. Henderson and R. Quandt – Microeconomic Theory, McGraw Hill, International Edition.

3. Hal R. Varian- Intermediate Microeconomics: A Modern Approach, fourth edition, W. Norton.

4. Taro Yamane: Mathematics for Economists, Prentice Hall of India, New Delhi (1975).

5. Badal Mukherji and V. Pandit – Mathematical Methods for Economic Analysis, Allied Publishers, Second edition.

6. Knut Sydsaeter and Peter J. Hammond: Mathematics for Economic Analysis

7. Carl Simon and Lawrence Blume: Mathematics for Economics, Norton (edition)

8. G. Archibald and R. Lipsey: An Introduction to Mathematical Treatment of Economics.AITBS

9. H. Gravelle and R. Rees- Microeconomics, Pearson.

Continuous Assessment (Internal Exam): 30 Marks

1. Attendance - 08 marks

• attending less than 60 % -  Not eligible 

• attending at least 60% but less than 75% - 0  marks

• Students with over 75% but less than 90% attendance -  6 marks 

• With 90% attendance and more - 8 marks

2. Class Tasks/Homework - 12 marks

5 marks each units x first two units, 2 marks for the third unit = 12 marks

3. Exam- Subjective/Objective type - 10 marks

Internal Exam carries 10 marks

4.  Presentation  marks- 5 marks (Incentive marks)

Class participation, active involment in department activities, presentation etc

 End Semester Examination: 70 Marks

The end semester examination shall be conducted based on written test.

Question Pattern: Students have to answer 2 questions carrying 10 marks out of given 4 questions

; 4 questions carrying 5 marks each out of given 8 questions;. 

10 questions carrying 2 marks each out of given 16 questions; 

Ten questions carrying 1 mark each out of given 16 questions.