MME-2 (2021 BATCH LINK)

Syllabus

Final Exam Question Paper (27/09/2020) - Course covered 60% Plus

1. Determinants and Matrices: Concepts of Scalar, Vector and Matrices –– Some specific Matrices : Diagonal, Triangular, Identity, Null , Symmetric, Idempotent – Matrix operations ; Addition, Subtraction and Multiplication of Matrices – Transpose and Inverse of Matrices, Determinants-Minor and Cofactor- Properties of Determinants- Bordered Hessian Determinant – Technique of solving Simultaneous Equations by Cramer’s Rule.

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

2. Input – Output Analysis: Basic Concept of Input-Output Analysis – Assumptions and structure of the Leontief Static Open Model (2 ×2 Case) – Solution in such a Model – Hawkins – Simon condition and its Economic Interpretation – Price System in LSOM (2×2 Case) with Economic Implications.

Lecture 6 - Input – Output Analysis: Basic Concept of Input-Output Analysis – Assumptions and structure of the Leontief Static Open Model (2 ×2 Case) – Solution in such a Model – Hawkins – Simon condition and its Economic Interpretation .

Input-Output Analysis Notes, Youtube Link, Question set 5, Question set 6

3. Basic Game Theory: Basic Concepts and Assumptions of Game Theory – Two Person – Zero – Sum Game with and without Saddle Point – Concept of Dominance – Elements of Non – Zero – Sum Game – Prisoner’s Dilemma – Concept of Dominant Strategy equilibrium and Nash Equilibrium – Sub-game Perfect Nash Equilibrium- Applications.

Lecture 7 - Basic Game Theory: Basic Concepts and Assumptions of Game Theory – Two Person – Zero – Sum Game with and without Saddle Point – Concept of Dominance – Elements of Non – Zero – Sum Game – Prisoner’s Dilemma – Concept of Dominant Strategy equilibrium and Nash Equilibrium .

Youtube Link, Summary Notes & Question set

4. Linear Programming: Linear Programming Technique as a Tool of optimization – General Formulation of the LP Problem – Applications in Economics – Graphical solution of some standard problems (Maximization and Minimization) – Concepts of Slack Variable, Basic Feasible Solution – Solution of some simple problems by Simplex Method (Maximization case only)- The Dual problem – Economic Interpretation of Duality.

Suggested Readings:

1 . W. J .Baumol : Economic Theory and Operation Analysis, Prentice Hall.

2. Drofman , Samuelson and Solow : Linear Programming and Game Theory : An Economic Analysis

3. N. D . Vora : Quantitative Techniques in Management, Tata McGraw Hill.

4. Sharma : Operation Research , Theory and Applications, Macmillan India Ltd.

5. Taro Yamane : Mathematics for Economist- An Elementary Survey.