COURSE INTRODUCTION AND APPLICATION INFORMATION


Course Name
Mathematical Economics I
Code
Semester
Theory
(hour/week)
Application/Lab
(hour/week)
Local Credits
ECTS
ECON 215
Fall
3
0
3
4
Prerequisites
None
Course Language
English
Course Type
Required
Course Level
First Cycle
Mode of Delivery -
Teaching Methods and Techniques of the Course
Course Coordinator -
Course Lecturer(s)
Assistant(s)
Course Objectives The students who succeeded in this course; will learn the essence of quantitative and rigorous thinking of the economic problems by adopting mathematical concepts and techniques. This course aims to equip the student with mathematical tools to costruct an economic model and determination of equilibrium solutions using analytical and computational methods such as Matlab or Python. The purposethis course, therefore, is to help economics students acquire enough mathematical skill to access the literature that is most relevant to their undergraduate study. This should include what some students will need to conduct successfully an undergraduate research project or honours thesis. In this course, the following major types of economic analysis are covered: statics (equilibrium analysis), comparative statics, optimization problems. To tackle these, the following mathematical methods are introduced in due course: matrix algebra, differential and integral calculus, differential equations, difference equations, and optimal control theory.
Learning Outcomes The students who succeeded in this course;
  • Will be able to formulate economic problems .
  • Will be able to define and explain equilibrium in economics.
  • Will be able to solve optimization problems.
  • Will be able to distinguish between stochastic and deterministic shocks.
  • Will be able to calibrate and simulate a simple macroeconomic model.
Course Description
Related Sustainable Development Goals

 



Course Category

Core Courses
Major Area Courses
X
Supportive Courses
Media and Managment Skills Courses
Transferable Skill Courses

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Required Materials
1 The Nature of Mathematical Economics and Economic Models
2 Equilibrium Analysis in Economics
3 Linear Models and Matrix Algebra
4 Linear Models and Matrix Algebra: Economic Applications
5 Comparative Statics and the Concept of Derivative
6 Rules of Differentiation and Their Use in Comparative Statics
7 Comparative-Static Analysis of General-Function Models
8 Comparative-Static Analysis of General-Function Models: Economic Applications
9 Optimization: A Special Variety of Equilibrium Analysis
10 Optimization: Economic Applications
11 Exponential and Logarithmic Functions
12 The Case of More than One Choice Variable
13 The Case of More than One Choice Variable: Economic Applications
14 Optimization with Equality Constraints
15 Optimization with Equality Constraints: Economic Applications
16 Optimization: General Review
Course Notes/Textbooks

Alpha C. Chiang and Kevin Wainwright:  Fundamental Methods of mathematical Economics

Suggested Readings/Materials

Todorova T. Problems book to accompany mathematics for economists,

 Sydsaeter and Hammond, Essential mathematics for economic analysis

 

EVALUATION SYSTEM

Semester Activities Number Weigthing
Participation
1
5
Laboratory / Application
Field Work
Quizzes / Studio Critiques
Portfolio
Homework / Assignments
1
25
Presentation / Jury
Project
Seminar / Workshop
Oral Exam
Midterm
1
30
Final Exam
1
40
Total

Weighting of Semester Activities on the Final Grade
3
40
Weighting of End-of-Semester Activities on the Final Grade
1
60
Total

ECTS / WORKLOAD TABLE

Semester Activities Number Duration (Hours) Workload
Course Hours
(Including exam week: 16 x total hours)
16
3
48
Laboratory / Application Hours
(Including exam week: 16 x total hours)
16
Study Hours Out of Class
16
1
16
Field Work
Quizzes / Studio Critiques
Portfolio
Homework / Assignments
1
6
Presentation / Jury
Project
Seminar / Workshop
Oral Exam
Midterms
1
20
Final Exams
1
30
    Total
120

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
Program Competencies/Outcomes
* Contribution Level
1
2
3
4
5
1

To be able to acquire a sound knowledge of fundamental concepts, theories, principles and methods of investigation specific to the economic field.

2

To be able to apply adequate mathematical, econometric, statistical and data analysis models to process economic data and to implement scientific research for development of economic policies.

3

To be able to participate in academic, professional, regional, and global networks and to utilize these networks efficiently.

4

To be able to have adequate social responsibility with regards to the needs of the society and to organize the activities to influence social dynamics in line with social goals.

5

To be able to integrate the knowledge and training acquired during the university education with personal education and produce a synthesis of knowledge one requires.

6

To be able to evaluate his/her advance level educational needs and do necessary planning to fulfill those needs through the acquired capability to think analytically and critically.

7

To be able to acquire necessary skills to integrate social dynamics into economic process both as an input and an output.

8

To be able to link accumulated knowledge acquired during the university education with historical and cultural qualities of the society and be able to convey it to different strata of society.

9

To be able to take the responsibility as an individual and as a team member.

10

To be able to attain social, scientific and ethical values at the data collection, interpretation and dissemination stages of economic analysis.

11

To be able to collect data in economics and communicate with colleagues in a foreign language ("European Language Portfolio Global Scale", Level B1)

12

To be able to speak a second foreign at a medium level of fluency efficiently.

13

To be able to relate the knowledge accumulated throughout human history to their field of economics.

*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest