BASIC MATHEMATICS FOR ECONOMICS

Objectives - 45 Hrs
This course is intended for students who are studying economics, business economics, managerial economics or management courses. The course demonstrates the usefulness and relevance of basic mathematics in economics and business.
UNIT 1 Introduction - 8 Hrs
Why study mathematics; calculators and computers; multiple operations; brackets; Fractions; Decimals; Negative numbers; Powers; Roots and Fractional powers, Introducing Excel
 
UNIT 2 The straight line, Graphs and Functions                   -                15 Hrs
The straight line; Mathematical Modelling; Applications: Demand, supply, cost, revenue; More mathematics on the straight line; Translations of linear functions; elasticity of demand, supply and income; Functions; Inverse functions; Graphs of linear functions; Fitting linear functions; Slope; Budget Constraints; Non-linear functions; Using excel to plot functions
 
UNIT 3 Linear Equations and Quadratic Equation - 10 Hrs
Simultaneous linear equation system; Graphical solution; Equating to same variable; Substitution; Row operations; More than two unknowns; Solving quadratic equations; Graphical solution; Quadratic simultaneous equations; Polynomials
 
UNIT 4 Financial Mathematics; Series, time and investment - 12 Hrs
Discrete and continuous growth; Interest; Part year investment and the annual equivalent rate; time periods, initial amounts and interest rates; investment appraisal; net present value; the internal rate of return; annuities; loan repayments 
 
References
1.Bose D (2009), An Introduction to Mathematical Methods, Himalaya Publishing House
2.Bradley Teresa (2010), Essential mathematics for Economics and Business, John Wiley and Sons Ltd.
3.Rosser (2003), Basic Mathematics for Economists, Routledge Publications

Programmes
Open Electives