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Syllabus Maths1 BBA English

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8 views

Syllabus Maths1 BBA English

Uploaded by

mathzemofficial
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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TERM 1 Mathematics 1 for Economics and Finance

Course Manager Language English

Teacher Yuanyuan Li Nature Mandatory

Number of hours 25 H Prerequisites

Credits ECTS Equivalent

1) Introduction - Objectives
The course objectives are :
- To have a refresher of essential mathematical notions and concepts that are useful for economics
and finance, such as functions, limits and derivatives.
- To master the core concept of optimization of a decision problem with a single variable, which is
particularly useful when decision-making relies on quantitative data.

This course is devoted to mathematical tools and calculus. As Curwin & Slater say, “calculus is about
the measurement of change. It provides the methodology to calculate the rate of change and
indeed, whether the rate of change is decreasing or increasing.” Measuring change and optimizing
decisions or prices have natural applications to various fields of management, especially economics,
finance and optimal planning. Modelling a demand function is also useful in marketing. Analytical
tools are needed then to evaluate how deeply and how fast the managerial environment varies, to
measure what the impact of a given policy is, and also help make the best decisions. We will mainly
study functions, with a particular focus on exponential and logarithm functions, limits, derivatives,
and optimization of a function of several variables.

Session 1 Functions of one variable and graphs


• Definitions, types of functions, graphs, examples
• Solving a quadratic function, polynomials
• Focus on exp, ln and polynomial functions; properties
• Inverse functions
• Practical examples

Sessions 2 & 3 Differentiation


• Limits
• Slopes and curves
• Tangents and derivatives
• Differentiation of a sum, product, ratio of functions, and composition of functions
• Higher-order derivatives
• Derivative of the exponential function
• Derivative of the natural log function
• Applications

Session 4 Optimization for decision making (univariate functions)


• Simple tests for extreme points
• The extreme value theorem
• Local extreme points
• Inflection points
• Applications

Session 5 Integration
• Examples of usual primitives
• Integration ; integration by parts
• Excel simulation session

Session 6 Economic Applications


• Total Revenue in time
• Consumer/Producer surplus
• Mid-term recap

Session 7 Counting and sum calculus


• Factorials, permutations, arrangements, combinations
• Applications
• Arithmetic and geometric progressions

Session 8 Matrix Algebra


• Basic concepts and definitions
• How to solve simple equations
• Linear equations with two unknowns
• Economic interpretation
• Special matrices: squared, diagonal, triangular, identity
• Transposition, symmetric matrices
• Applications

Session 9 Determinants
• Basic concepts and definitions
• Product of matrices
• Power of a matrix
• Application: population dynamics
• Determinants of order 2 and 3, Sarrus rule

Session 10 Inverse Matrices


• Using a determinant to find the inverse of a matrix (cofactor method)
• Using the inverse of a matrix to solve a system of linear equations

The class sessions will combine lectures and hands-on exercises.

4) Grading
- Class quizzes (6 highest out of 8 quizzes, total = 20%)
- Midtem exam (30%)
- Final exam (50%)
5) Bibliography
Principal textbooks:
• Sydsæter, Hammond, Strøm, Carvajal (2016), Essential Mathematics for Economic
Analysis, 5th ed. (older editions are equally suitable)
• Chiang and Wainwright (2005), Fundamental Methods of Mathematical Economics,
4th ed. (older editions are equally suitable)
Supplementary textbook:
Sydsæter, Hammond, Seierstad and Strøm (2008), Further Mathematics for Economic Analysis
2nd. ed. (older edition is equally suitable)

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