DEPARTMENT OF BUSINESS ADMINISTRATION

FACULTY OF BUSINESS
AHMADU BELLO UNIVERSITY, ZARIA

ASSIGNMENT

COURSE TITLE: ECONS 105

(MATHEMATICS IN ECONOMICS)

BY

HAUWAU USMAN HALILU

U21BA1079

QUESTION:
CRITICALLY EVALUATE ON THE COMPLEXITY OF
ECONOMICS REALITY AND THE HISTORY OF THE USE OF
MATHEMATICS IN ECONOMICS BY GEOFRY M. HUOGSM

LECTURERS:
PROF. PETER NJIFORTI
DR. ISAH MAIKUDI
DR. SOLIU HAMZA

MAY, 2023
This book is written for those students of economic intent on learning
the basic mathematical literature. Unfortunately standing mathematics is
for many something aline to taking better lasting machine absolutely
necessary but extremely unpleasant. Such an attitude refered to as
"math anxiety" has fish root we believe largely in the inauspicious
manner in which mathematics is often present to students. In the belief
for clarity. Thus puzzling students are giving them sense of intellectual
in adequacy. An overly formal style of presentation when not
accompanied by any intitive illustration or demonstration of relevance
can mathematical topics appear more difficult than they actual are.
Finally excercise problem that are excessively sphisticated may tend to
shetter students confidence rather than stimulate thinking as intended.
In the book the major types of economic analysis are covered statics
(equilibrium analysis) comparative statics optimization problem dynamic
and dynamic optimization The track. The mathematical method are
introduce in due course. Matric algebra, differential and integral calculus,
differential equations, difference equations and optimal control theory
because of the substantial number of illustrative economic model both
macro and micro appearing here this book should be useful also to those
who are already mathematically trains but still In need of a guide to
usher them from the real in of mathematics to the land of economic. For
the same reason, the book should not only serve a text for a course on
mathematical methods but also as supplementry reading in such course
of micro economic growth and development.

Mathematical economic is not a distinct Branch of economic in the series

that public finance or international trade is rather it is an approach of
economic analysis in which the economic makes use of mathematical

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symbols in the statement of the problem and also draws upon kwown as
mathematical theory and aid in reasoning. As far as the specific subject
matter of analysis goes it can be micro or macro economic theory public
finance ,uban economic or what not.

Using the term mathematical economic in the broad cast possible sence
one may vary well say that every elementary textbook of economic
today examplifies mathematical economic. In so far as geometrical
method are frequently utilize or derive theoretical results. More
commonly. however mathematical economic is reserved to describe case
examplifing mathematical techniques beyond simple geometry, such as
matric algebra. differential and intigal calculus, differential equations,
difference equations etc .it is the most fundamental aspect of these
mathematical methods those encountered in the current economic
literature.

An economic model is merely a theoretical framework and there is no

inherent reason why it must be mathematical. If the model is
mathematical. however. it will usually consist of a set of equations
design to describe the structure of the model. By relating a number of
variable to one another in certain ways these equations give
mathematical form the set of analytical assumption adopted. Then
through application of the relevance mathematical operation of these
equations we may seek to derive a set of conclusion which logically
follow from those assumption.

Economic is essentially a science of choice when an economic products

is to be carried out such as the production of a specified level of output
they are normally a number of alternative ways of accomplishing it. one
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or more of these alternative will however be more describle than others
from the standpoint of some criterion and is the essence of the
optimization problem to choose on the basic of that specific criterion the
best alternative available.

The most common creation of choice alternative in economic is the goal

of maximizing something or of minimizing something. Such as
minimizing and maximizing problem under the general heading of
optimization meaning the quest for the best. For a purely mathematical
point of view however the term maximum and minimum do not carry
with them any connotation of optimality. Therefore the collective term
for maximizing and minimizing as mathematical concepts. It is more
matter of fact designation extremum meaning an extreme value.

Reference

Alpha C. Chiang, Kevin Wainwright. Fundamental Methods of

Mathematical Economics