Mathematics For Economist 1
- Social Sciences
- 200 level
- 2 credit units
- 128 pages
- 12 units
This course introduces students to the mathematical tools essential for economic analysis. It covers number systems, inequalities, exponents, roots, and equations, including simultaneous and quadratic forms. Students will explore set theory, logarithms, calculus, optimization, and linear programming, applying these concepts to solve economic problems and develop analytical skills for empirical measurement and decision-making.
About this course
- Difficulty
- Intermediate
- Study hours
- 156 hours
- Maths
- Intermediate
- Content
- Theoretical, problem solving
- Practical work
- No
- Assignments
- Tutor marked assessments
- Final examination
What you'll read
The real module and unit structure of ECO255, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
ECO255 · UNIT 1: NUMBER SYSTEM
The presentation schedule included in your course materials gives you the important dates of the year for the completion of tutor-marking assignments and attending tutorials. Remember, you are required to submit all your assignments by due dates. You should guide against falling behind in your work.
What you should be able to do
- Analyze basic terms of number systems and their properties.
- Apply the concept of exponents and roots to solve problems.
- Solve simultaneous and quadratic equations using various methods.
- Apply set theory to solve problems using Venn diagrams.
- Apply definite integrals to economic problems.
- Apply optimization techniques to economic scenarios.
What it prepares you for
- Economist
- Financial Analyst
- Market Researcher
- Statistician
- Data Analyst
- Banking
- Finance
- Consulting
- Market Research
- Government
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 3: Set Theory, Logarithms & Partial Derivatives
Unit 3: Partial Derivative
Partial derivatives require a strong understanding of multivariable calculus and the ability to apply chain and product rules in complex scenarios.
- Module 4: Integral Calculus, Optimization and Linear Programming
Unit 1: Integral Calculus
Definite integrals involve understanding limits, areas under curves, and applying integration techniques to solve economic problems.
A suggested way through it
13 weeks, about 32 hours in total. Yours will differ.
- Week 1Module 1: Number System, Inequalities, Exponent and Roots
Unit 1: Number System · 2 hours
Read the introduction to number systems and their properties.. Differentiate between binary, imaginary, and complex numbers.. Solve problems using the number system, focusing on base conversions..
- Week 2Module 1: Number System, Inequalities, Exponent and Roots
Unit 2: Inequalities · 2 hours
Define inequalities and their properties.. Solve inequality problems, including those involving inverse operations.. Apply inequalities to angle problems and geometric contexts..
- Week 3Module 1: Number System, Inequalities, Exponent and Roots
Unit 3: Exponents and Roots · 2 hours
Explain exponents and roots.. Solve exponent problems using the base ten system.. Simplify and approximate roots, including square and cube roots..
- Week 4Module 2: Equations
Unit 1: Systems of Equation · 2 hours
Discuss systems of equations.. Solve linear equation problems using substitution.. Solve linear equation problems using addition/subtraction.. Graph systems of equations solutions..
- Week 5Module 2: Equations
Unit 2: Simultaneous Equation · 2 hours
Explain simultaneous and quadratic equations.. Differentiate between simultaneous and quadratic equations.. Solve simultaneous and quadratic equation problems using elimination and substitution methods..
- Week 6Module 2: Equations
Unit 3: Quadratic Equation · 2 hours
Explain the concept of quadratic equations.. Solve quadratic equation problems using factorization.. Solve quadratic equation problems using the quadratic formula..
- Week 7Module 3: Set Theory, Logarithms & Partial Derivatives
Unit 1: Set Theory · 2 hours
Differentiate between intersect and union in set theory.. Solve set theory problems using Venn diagrams.. Understand set properties and symbols..
- Week 8Module 3: Set Theory, Logarithms & Partial Derivatives
Unit 2: Logarithms · 4 hours
Explain logarithms and their properties.. Differentiate between exponents and logarithms.. Differentiate between common and natural logarithm functions..
- Week 9Module 3: Set Theory, Logarithms & Partial Derivatives
Unit 2: Logarithms · 2 hours
Continue studying logarithms and their properties.. Practice differentiating between exponents and logarithms.. Solve problems involving common and natural logarithm functions..
- Week 10Module 3: Set Theory, Logarithms & Partial Derivatives
Unit 3: Partial Derivative · 2 hours
Discuss the concept of differentiation.. State the difference between differentiation and integration.. Solve problems involving higher order derivatives..
- Week 11Module 4: Integral Calculus, Optimization and Linear Programming
Unit 1: Integral Calculus · 2 hours
Discuss the concept of differentiation and integration.. State the difference between differentiation and integration.. Solve definite and indefinite integrals.. Apply definite integrals to economic problems..
- Week 12Module 4: Integral Calculus, Optimization and Linear Programming
Unit 2: Optimization · 4 hours
Apply the concept of Optimization.. Solve optimization problems using Lagrangian multipliers.. Solve optimization problems using matrices..
- Week 13Module 4: Integral Calculus, Optimization and Linear Programming
Unit 3: Linear Programming (LP) · 4 hours
Apply the concept of Linear Programming.. Solve linear programming problems using the simplex algorithm.. Discuss the assumptions, advantages, and limitations of linear programming..
Preparing for the exam
- Review all units, focusing on key definitions and theorems.
- Practice solving problems from each unit, especially those involving calculus and optimization.
- Create concept maps linking different mathematical concepts to economic applications.
- Allocate specific time slots for each module, ensuring comprehensive coverage.
- Focus on understanding the underlying principles rather than rote memorization.
- Practice past exam papers to familiarize yourself with the question format and difficulty level.
Questions students ask about this course
What is ECO255 about?
This course introduces students to the mathematical tools essential for economic analysis. It covers number systems, inequalities, exponents, roots, and equations, including simultaneous and quadratic forms. Students will explore set theory, logarithms, calculus, optimization, and linear programming, applying these concepts to solve economic problems and develop analytical skills for empirical measurement and decision-making.
How many units does ECO255 have?
ECO255, Mathematics For Economist 1, has 12 units across 4 modules, over 128 pages of course material. You can read it one unit at a time.
How many credit units is ECO255?
ECO255 carries 2 credit units, at 200 level in Social Sciences.
Is ECO255 hard?
ECO255 is rated intermediate level, with intermediate mathematical content. It is mostly theoretical and problem solving work.
How long does ECO255 take to study?
About 156 hours of study, spread across its 12 units.
How is ECO255 assessed?
ECO255 is assessed by assignments, tutor marked assessments and final examination.
What can I do with ECO255?
Economist, Financial Analyst, Market Researcher, Statistician and Data Analyst.