Quantitative Methods for Economics

Assignment topics
I. Sets and Functions
1. One problem on elementary operations on sets including union, intersection, and
complement of set (problem should have three sets A, B, C and one universal set for
finding complement)
2. One problem from quadratic function with its graph

II. Derivatives
1. Quotient rule, product rule and generalized power function rule (one problem of each)
2. Stating conditions for a function to be minimum and maximum. One problem on
optimization of (profit or cost applications)

III. Matrices
1 3 3
1. If [3 1 3] then show that 𝐴2 − 4𝐴 − 5𝐼 = 0
3 3 1
2. What is matrix inversion? One problem on matrix inversion and crammer’s rule
(Note: explanation for matrix inversion is given in e-book Edward Dowling page no.
…)
Find the equilibrium price, when equilibrium condition for two substitute goods is
given by
18𝑃1 − 𝑃2 = 87
−2𝑃1 + 36𝑃2 = 98
(𝑁𝑜𝑡𝑒: You may use inversion method to solve prices)

IV. Descriptive statistics

1. Any one problem on correlation using Spearman’s rank correlation method.
2. Any one problem on Regression.

V. Index numbers
1. Any one problem on Fisher’s Ideal index numbers.