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Mathematics Needed to Start Economics

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REVIEW

What are we talking about here?

Focal Points

ALGEBRA

Back to the Basics

Simultaneous Equations

1. Substitution

2. Elimination

3. Graphically

4. Matrices

Substitution Method

𝑦 = 3𝑥 + 5 𝑃 = 4𝑄 +6

𝑦 = −4 − 6𝑥 𝑃 = 4−𝑄

3𝑥 + 5 = −4 − 6𝑥 4𝑄 + 6 = 4 − 𝑄

3𝑥 + 6𝑥 = −4 − 5 4𝑄 + 𝑄 = 4 − 6

9𝑥 = −9 5𝑄 = −2

𝑥 = −1 −2

𝑄=

𝑦 = 3 −1 + 5 5

−2

𝑦=2 𝑃 = 4−( )

5

2

𝑃=4

5

Graphical Method

1. Point at least two points for each equation.

2. Connect the points for each line.

3. Look for the point where they intersect (cross). This point would be the solution for

the equations.

Graphical Method

2𝑥 + 𝑦 = 4

𝑥−𝑦 =2

Graph both equations using

x- and y-intercepts (plug in zeros for x and then y).

(0, 4) and (2, 0) (0, -2) and (2, 0)

Graph the equations.

2x + y = 4

(0, 4) and (2, 0)

x-y=2

(0, -2) and (2, 0)

(2, 0)

Check your answer!

the point back into both

equations.

2x + y = 4

2(2) + (0) = 4

(2) – (0) = 2

GRAPHICAL

REPRESENTATION

What that graph ‘bout?

Equation of a Line

𝑦 = 𝑚𝑥 + 𝑐

the y axis The variable on which the line

The gradient of cuts the y axis

the line the x axis

Gradients

(Slope) of a straight line shows how steep a straight line is.

Direction of a line:

If a gradient is positive the two variables

are said to have a positive relationship. i.e

as one increases so does the other.

are said to have a negative relationship. i.e

as one increases the other decreases.

Gradients

(Slope) of a straight line shows how steep a straight line is.

Magnitude of a line:

If a gradient of a line falls −1 < 𝑚 < 1 the

line is relatively flat. i.e a change in the

value of x would not have a great impact

on the y value.

𝑚 < 1 the line is relatively steep. i.e a

change in the value of x would have a great

impact on the y value.

Gradients

𝑦2 − 𝑦1

𝑚=

𝑥2 − 𝑥1

Gradients

1. Elasticity

2. Marginal Propensity to Consumer

3. Marginal Cost

INTERPRETATION OF

GRAPHS

Now you see it….

Key Things to Pay Attention to when

Looking at Graphs

1. Magnitude of Slope

2. Direction of Slope

3. Point at which curves (lines) intersect

4. Point at which the curves cut the y axis

5. Point at which the curves cut the x axis

6. Area under the curve(s)

INTERPRETATION OF

LINEAR STATEMENTS

The Madness Begins

Linear Equations

𝑌 =𝐶+𝐺+𝐼+𝑋−𝑀

When G increases Y

increases. This is seen as

When M increases Y

a positive or direct

decreases. This is seen as

relationship

a negative or inverse

relationship.

RATIOS

A percentage of the FUN!!

Ratios

another by dividing the one number by the other.

For example, the sex ratio of Delaware in 1990 was:

343,200 females to 322,968 males or 1.06 This can

easily be expressed in terms of males to females, .94.

The interpretation of the sex ratio is that for every male

there are 1.06 females.

Ratios

𝐼𝑛𝑓𝑙𝑎𝑡𝑖𝑜𝑛 𝑅𝑎𝑡𝑒 =

Economics: 𝐶𝑃𝐼𝑙𝑎𝑠𝑡 𝑦𝑒𝑎𝑟

1. Population Density

2. Consumer Price Index

3. Inflation

4. Unemployment Rate

5. Crude Birth Rate

RECAP QUESTIONS

Now…..do these.

Solve the following Describe the following

Simultaneous Equations. linear equations.

1. 𝑃 = 4𝑄 − 3

1. 𝑦 = 6𝑥 + 1

𝑃 =𝑄+9

2. 𝑃 = 5 − 6𝑄

2. 2𝑥 + 4𝑦 = 5

3𝑦 − 6𝑥 − 9 = 0 3. 𝑌 = 𝐶 + 𝐼 + 𝐺

3. 7 = 𝑦 + 𝑥 4. 3𝑦 − 3𝑥 = 9

𝑥 = 5𝑦 − 1

5. 𝑥 = −𝑦 + 9

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