MATHEMATICAL METHODS IN ECONOMICS - II


Course Description

This course is the second part of a compulsory two-course sequence. This part is to be taught in Semester II following the first part in Semester I. The objective of this sequence is to transmit the body of basic mathematics that enables the study of economic theory at the undergraduate level, specifically the courses on microeconomic theory, macroeconomic theory, statistics and econometrics set out in this Syllabus. In this course, particular economic models are not the ends, but the means for illustrating the method of applying mathematical techniques to economic theory in general. The level of sophistication at which the material is to be taught is indicated by the contents of the prescribed textbook.

Course Outline

1. Differential equations

2. Linear algebra

Vector spaces: algebraic and geometric properties, scalar products, norms, orthogonality; linear transformations: properties, matrix representations and elementary operations; systems of linear equations: properties of their solution sets; determinants: characterization, properties and applications.

3. Functions of several real variables

Geometric representations: graphs and level curves; differentiable functions: characterizations, properties with respect to various operations and applications; second order derivatives: properties and applications; the implicit function theorem, and application to comparative statics problems; homogeneous and homothetic functions: characterizations and applications.

4. Multi-variable optimization

Convex sets; geometric properties of functions: convex functions, their characterizations, properties and applications; further geometric properties of functions: quasiconvex functions, their characterizations, properties and applications; unconstrained optimization: geometric characterizations, characterizations using calculus and applications; constrained optimization with equality constraints: geometric characterizations, lagrange characterization using calculus and applications; properties of value function: envelope theorem and applications.


THIS SECTION CONTAINS PREVIOUS YEAR PAPERS OF MATHEMATICAL METHODS IN ECONOMICS - II.


THIS SECTION CONTAINS STUDY MATERIAL OF MATHEMATICAL METHODS IN ECONOMICS - II.


Readings:

K. Sydsaeter and P. Hammond, Mathematics for Economic Analysis, Pearson

Educational Asia: Delhi, 2002.

Comments

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