Exam (elaborations) ECONOMIC250math

INTRODUCTION ECO 256: Mathematics for Economists II is a two-credit unit and onesemester undergraduate course for Economics students. The course is made up of nineteen units spread across fifteen lecture weeks. This Course Guide tells you how important research is to students of economics, and how statistical tools can be applied in solving some basic economic problems. It tells you about the course materials and how you can work your way through these materials. It suggests some general guidelines for the amount of time required of you on each unit in order to achieve the course aims and objectives successfully. It will also provide answers to your tutor-marked assignments (TMAs) to assist you work on the materials and examine yourself unaided. COURSE CONTENTS This course is a continuation of Mathematics for Economists I (ECO 255). The topics covered include derivatives, integration, economic applications of derivatives and integration, introduction to optimisation, functions of several variables, optimisation with constraints, differentials, matrix, matrix operations, matrix inversion and economic applications of matrix. As it is, the course will take you through derivatives to matrix and their applications. COURSE AIM The aim of this course is to give you in-depth understanding of mathematical applications in economics in the following areas: • Basic concepts in mathematics for economists at year two undergraduate studies. • To familiarise you with the basic topics in the course. • To stimulate your understanding in the applications of mathematics in decision-making. • To expose you to the task ahead in their study of higher level mathematics for economists as they progress in the course. COURSE OBJECTIVES To achieve the aims of this course, there are overall objectives which the course is out to achieve. In addition, there are set objectives for each unit. The unit objectives are included at the beginning of each unit. You should endeavour to read them before you start working through the unit. You may want to refer to them during your study of the units to check on your progress through the units. You should always look at ECO 256 COURSE GUIDE v each unit objectives after completing the unit to ascertain the level of achievements. This is to assist you in accomplishing the tasks involved in this course. In this way, you can be sure you have done what was required of you by the units. The objectives serve as study guide, such you would know if you are able to grab an understanding of each unit through the sets objectives. At the end of the course period, you are expected to be able to: • Define and explain the concept of derivative. • State the rules of differentiation • Apply it in economics. • Define and understand integration • Differentiate between integration and differentiation. • Learn the rules of integration, and apply it accordingly • Clearly state the difference between function of single variable and multi-variables models. • Define and explain linear/matrix algebra. • State and apply the laws of matrix and, its operations. • Apply matrix to solve complex systems of equations, and a lot more. WORKING THROUGH THE COURSE To successfully complete this course, you are required to read the study units, referenced books and other supplementary materials on the course. Each unit contains self-assessment exercises called Student Assessment Exercises (SAE). At some points in the course, you will be required to submit assignments for assessment purposes. At the end of the course there is a final examination. This course should take about 15weeks to complete and some components of the course are outlined under the course material subsection. COURSE MATERIALS The major components of the course, what you have to do and how you should allocate your time to each unit in order to complete the course successfully on time are listed below: 1. Course Guide 2. Study Unit 3. Textbook 4. Assignment File 5. Presentation Schedule