Department of Economics

Indian Institute of Technology Bombay

HS 225 – Mathematics for Economics
Tentative course outline –
(Detailed sub-topics will be discussed at the start of each topic)
 Static (equilibrium) analysis
 Linear models and matrix algebra – System of equations
 Review of calculus
 Functions of several variables
 Profit maximization – unconstrained, constrained
 Comparative static analysis – applications, general function models; limit
theorems, Euler theorem
 Envelope theorem and duality
 Maximization with inequality and non-negativity constraints
Reference texts:

 Chiang, A. and Wainwright, K: Fundamental methods of Mathematical Economics

 Silberberg, E.: The Structure of Economics
 Blume, L and Simon, C: Mathematics for Economists

Additional references will be mentioned in class where needed

Evaluation:

• Quiz 1 + Quiz 2 : 10 + 10 (dates will be announced in advance)

• Mid-semester exam: 30
• End-semester exam: 40
• Attendance + class participation =10
• Attendance calculation will be based on conducted classes including quizzes held
during class hours :
Attendance % Marks
95% and above 5
90-95% 4
85-90% 3
80-85% 2
75-80% 1
Less than 75% 0

• Please note medical leaves with appropriate pink slips from IITB hospital will
NOT BE counted towards attendance percentage calculation.
Additional notes:

 Attendance will be taken in every class.

 For the mid-semester and end-semester exams: Re-exam on the grounds of absence due to
medical reasons will ONLY be conducted when supported by appropriate pink slip issued
by the IITB hospital. No medical certificates from private hospitals will be accepted.

 Please ensure basic decorum is maintained during the class. Use of mobile phones will
not be allowed during the class. This will also be counted towards in-class participation.

Teaching arrangements

Instructor Slot MONDAY TUESDAY THURSDAY

Prof. Aditi Chaubal 4 11.35-12.30 08.30-09.25 09.30-10.25

Email: aditichaubal@iitb.ac.in
Office hours: Tuesday 9.30 AM-12 PM (Please email to confirm your appointment)
Teaching assistant: Ms. Jaya Gupta (22d0711@iitb.ac.in)