Mathematics for Economists
This module aims to make you familiar with those mathematical tools and methods which are used frequently in most economics courses and to show you how they are applied.
Mathematics is a global language, so the technical skills students acquire in this module can be used internationally.
By solving statistical mathematical problems and exercises, students are equipped with practical problem-solving skills, theoretical skills, and an understanding of mathematical relationships. All of these are highly valuable to employers.
All of the resources for this module are available on the ELE (Exeter Learning Environment).
Full module specification
|Module title:||Mathematics for Economists|
BEE1035 or A-level Mathematics (or equivalent)
Non-Req - Cannot be taken with BEA1010 or at the same time as BEE1035.
Not available to 2nd year AF students or Maths students
|Duration of module:||
Duration (weeks) - term 1: |
Economic problems are often expressed using mathematical models. Therefore we introduce models which are to be formulated, analysed and then confronted with real-world data. This module aims to make students familiar with those mathematical tools and methods which are used frequently in most economic modules and to demonstrate how they are applied.
ILO: Module-specific skills
- 1. develop the skills to differentiate functions in several variables and solve definite and indefinite integrals;
- 2. solve basic systems of equations using matrix algebra;
- 3. apply mathematical tools to solve economic optimisation problems.
ILO: Discipline-specific skills
- 4. formulate microeconomic problems in a more rigorous formal language;
- 5. translate in a formal language microeconomic and macroeconomic problems;
- 6. manipulate and solve systems of equations using matrix algebra techniques that are essential for econometrics;
ILO: Personal and key skills
- 7. be numerically confident and have the ability for logical and structured problem analysis.
Learning activities and teaching methods (given in hours of study time)
|Scheduled Learning and Teaching Activities||Guided independent study||Placement / study abroad|
Details of learning activities and teaching methods
|Category||Hours of study time||Description|
|Scheduled Learning and Teaching Activity||22||Lectures|
|Scheduled Learning and Teaching Activity||10||Tutorials|
|Guided Independent Study||118||Reading, research, reflection; Preparation for assignments|
|Form of assessment||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
|Exercises||Weekly||1-7||In-class solutions and posted feedback|
Summative assessment (% of credit)
|Coursework||Written exams||Practical exams|
Details of summative assessment
|Form of assessment||% of credit||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
|Mid-Term Exam||30||40 minutes||1-7||Exam result|
|Examination||70||90 minutes||1-7||Exam result|
Details of re-assessment (where required by referral or deferral)
|Original form of assessment||Form of re-assessment||ILOs re-assessed||Timescale for re-assessment|
|Mid-Term Exam (30%) & Final Examination (70%)||Examination (100%), 90 minutes||1-7||August/September Reassessment Period|
This is an indicative outline (further details will be available in lecture 1)
• Partial derivatives for multivariate functions (week 1)
• Unconstrained optimization and applications (week 2-3)
• Constrained optimization and applications (week 4-5)
• Second order conditions (week 6)
• Logarithms and exponential functions (week 7)
• Vectors and matrices (week 8-9)
• Determinants (week 10)
• Revision (week 11)
Indicative learning resources - Basic reading
Sydsaeter K. and P. J. Hammond, (2016), Essential Mathematics for Economic Analysis 5th ed., Prentice Hall.
Geoff Renshaw, (2016), Maths for Economics 4th ed., Oxford University Press.
Jacques I., (2018), Mathematics for Economics and Business, 9th ed., Addison-Wesley.
Module has an active ELE page?
Indicative learning resources - Web based and electronic resources
Last revision date