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Name of Course: Course Code: Name(s) of academic staff: Rationale for the inclusion of

Ekonomi Matematik (Mathematical Economics) BT11803 DR. QAISER MUNIR, Room 57, Level 4, ext. 1625 the course/module in the programme

This is a school core subject which is to introduce and developing ability in translating economic problems and theories that students will encounter in their economics modules, into mathematical models, and on solving these models. It is important for economics students to know about the basics of mathematical economics involving in business, marketing and finance. 5. 6. Semester and Year offered: Semester 1 for 2nd year students Total Student Face to Face Total Guided and Independent Learning Learning Time (SLT) L = Lecture L T P O Refer to appendix T = Tutorial P = Practical O= Others Credit Value: 3 Prerequisite (if any): None Learning outcomes: At the end of the course, students should be able to: define and understand the fundamental mathematical techniques in the theories of microeconomics and macroeconomics [PLO1,] [C2] identify and apply mathematical techniques to understand the fundamental principals behind economic concepts and to economic policy analysis and formulation [PLO1, P2] [C3] [CTPS1] Relate and develop the knowledge of various economic models in microeconomics and macroeconomics [PLO1] [P3] [C6] [CTPS3] Work and communicate effectively in written and oral form through group discussion and presentation session. [PLO4] [A4] [CS1] 10. Transferable Skills: Comprehension skills Problem-solving skills Critical thinking skills 11. Teaching-learning and assessment strategy Lectures, tutorial, e-learning using SMARTUMS Learning Management System midterm examination, final examination 12. Synopsis: Students of economics need several important mathematical tools. Economics is a technical discipline which can be described quantitatively at different levels. Thus there is a need to provide sufficient mathematical training and knowledge consistent with the ability to deal with the mathematical descriptions of a wide range of theoretical concepts contained in economics. This module increases the students knowledge base and provides more insight into the role of mathematics in economics. The aim of the module is to provide students with the mathematical tools required for economic analysis at undergraduate level. Emphasis will be placed in developing ability in translating economic problems that students will encounter in their economics modules, into mathematical models, and on solving these models. Furthermore, the module aims to prepare students for further study, or for professional and managerial careers, particularly in areas requiring the application of quantitative skills.

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Mode of Delivery: Lecture, Tutorial, and e-learning


Assessment Methods and Types: The assessment for this course will be based on the following: Component First Exam Second Exam Third Exam Final Exam (Comprehensive) Total Weight 20% 20% 20% 40% 100%


All components of the above assessment are compulsory and must be completed before the stipulated deadlines. Mapping of the course/module to the Programme Aims Refer to attached Program Summary Matrix


Mapping of the course/module to the Programme Learning Outcomes Refer to attached Program Summary Matrix


Content outline of the course/module and the SLT per topic (Please Refer to appendix) Weekly Topics 1. Mathematical Review Arithmetic operations, Fractions, Percentages, Real numbers, Exponents and radicals (powers), Logarithms, basic rules of algebra 2. Linear Equation and applications Explaining straight line, Slope and intercepts, Graphs of straight lines, Mathematical modeling, Application: Demand, supply, cost, revenue, elasticity of demand, supply, and income; Budget and cost constraints 3. Simultaneous Equations and Applications Solving simultaneous Linear equations, simultaneous equations in three unknowns, Application: Goods market equilibrium, Labor market equilibrium, Taxes, Subsidies and their distribution, Consumer and Producer surplus, the national income model and IS-LM model, 4. Linear programming with Applications Linear programming, optimal solutions, Applications: Finding minimum cost subject to constraints, Profit maximization subject to constraints; Matrices, addition, subtraction, and multiplication of matrices, 5. First Exam 6. Non-linear Equations and Applications Application of matrices: cost, revenue, profit; Solution of a system of equations: Gaussian elimination, GaussJordan elimination, Cramers rule, inverse matrix, input-output analysis. 7. Marginal concepts and optimization Quadratic, Cubic and other polynomial Functions, Applications: non-linear demand, supply and total revenue functions, Calculating break-even points, Total revenue, total cost profit function; Exponential functions, Application: Population growth, Consumption and changes in income; Logarithmic functions, hyperbolic functions 8/9. Differentiation and Application Derivatives, rules for differentiation, the derivative as a rate of change, Determining maximum and minimum turning point, Application of differentiation: Calculating marginal revenue (MR) over interval, Average revenue (AR), Marginal cost (MC), average cost (AC); MR, AR for a perfectly competitive firm and a monopolist, Marginal and Average propensity to consume and save, economic application of maximum and minimum turning points: break-even, profit, loss, profit maximization and price discrimination. 10. Second Exam 11/12. Integration and applications of integration Differentials, the indefinite integral, integration with initial conditions, integration formulae, techniques of integration, summation, the definite integral, the fundamental theorem of integral calculus, approximate integration, area, area between curves, consumers and producers surplus 13. Matrices with applications Integration by parts, integration by partial fractions, integration by tables, average value of a function. differential equations, more applications of differential equations, improper integrals 14. Third Exam


Main textbook :

Rebecca Taylor and Simon Hawkins. (2008). Mathematics for Economics and Business. McGraw-Hill Higher Education

Additional References:

Teresa Bradley. (2008). Essential Mathematics for Economics and Business. 3rd Edition. John Wiley & Sons, Ltd Geoff Renshaw. (2005) Maths for Economics. Oxford University Press, New York: United States of America (USA) Ian Jacques. (2006) Mathematics for Economics and Business. 5th Edition. Prentice Hall-Financial Times Sydsaeter, K & Hammond, P. (2008) Essential Mathematics for Economic Analysis. 3rd Edition. Prentice Hall-Financial Times Barnett, R.A., Ziegler M.R. & Byleen K.E. (2007) College Mathematics for Business, Economics, Life Sciences & Social Sciences. 11th Edition. Pearson International Edition Hauessler, E.F., Paul, R.S. & Wood, R.J. (2008) Introductory Mathematical Analysis. 12th Edition. Pearson Education International Dowling, E.T. (2001) Introduction to Mathematical Economics 3rd Edition, Schaums Outlines. The McGrawHill Companies, Inc.

*Other references to be distributed by the lecturer from time to time. 19. Other additional information This subject is a compulsory School Core subject for Economics students. E-learning materials: More details are available at BT11803 Smartums (Learning Management System) website. Course syllabus, additional teaching materials. Week 12 Students to fill in course evaluation online. Compulsory for all students.