Mathematics For Economist Ii
- Social Sciences
- 200 level
- 2 credit units
- 130 pages
- 12 units
This course is a continuation of Mathematics for Economists I (ECO 255). It covers derivatives, integration, economic applications of derivatives and integration, introduction to optimisation, functions of several variables, optimisation with constraints, differentials, matrix, matrix operations, matrix inversion and economic applications of matrix. The course aims to provide an in-depth understanding of mathematical applications in economics and stimulate understanding in decision-making.
About this course
- Difficulty
- Intermediate
- Study hours
- 195 hours
- Maths
- Advanced
- Content
- Theoretical, problem solving
- Practical work
- No
- Assignments
- Tutor marked assignments
- Final examination
What you'll read
The real module and unit structure of ECO256, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
ECO256 · UNIT 1: DERIVATIVES I
You should use these objectives to guide your study. When you have finished the unit you must go back and check whether you have achieved the objectives. If you make a habit of doing this, you will significantly improve your chances of passing the course and getting the best grade.
What you should be able to do
- Define and explain the concept of derivative
- State the rules of differentiation
- Apply derivatives in economics
- Define and understand integration
- Apply matrix to solve complex systems of equations
What it prepares you for
- Economist
- Financial Analyst
- Market Research Analyst
- Data Scientist
- Quantitative Analyst
- Finance
- Economics
- Statistics
- Data Analysis
- Market Research
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 2: Optimisation
Unit 3: Optimisation with Constraints
Understanding the application of Lagrange multipliers requires strong analytical skills and familiarity with constrained optimization techniques.
- Module 3: Linear Algebra
Unit 3: Matrix Inversion
Matrix inversion involves multiple steps and requires a solid understanding of determinants, cofactors, and adjoints.
A suggested way through it
13 weeks, about 141 hours in total. Yours will differ.
- Week 1Module 1: Calculus
Unit 1: Derivatives I · 6 hours
Understand the concept of derivatives. Learn derivative notations. Study the rules of differentiation.
Unit 2: Derivatives II · 6 hours
Understand the concept of derivatives. Learn derivative notations. Study the rules of differentiation.
- Week 2Module 1: Calculus
Unit 3: Integration · 6 hours
Understand the concept of integration. Learn integration notations. Study the rules of integration.
Unit 4: Economic Applications of Derivatives and Integration · 6 hours
Apply derivatives and integration to economic problems. Marginal cost and revenue analysis. Production function analysis.
- Week 3Module 2: Optimisation
Unit 1: Introduction to Optimisation · 9 hours
Understand the concept of optimisation. Learn optimisation notations. Study the rules of optimisation.
- Week 4Module 2: Optimisation
Unit 2: Functions of Several Variables · 12 hours
Understand the concept of functions of several variables. Learn functions of several variables notations. Study the rules of functions of several variables.
- Week 5Module 2: Optimisation
Unit 3: Optimisation with Constraints · 12 hours
Understand the concept of optimisation with constraints. Learn optimisation with constraints notations. Study the rules of optimisation with constraints.
- Week 6Module 2: Optimisation
Unit 4: Differentials · 12 hours
Understand the concept of differentials. Learn differentials notations. Study the rules of differentials.
- Week 7Module 3: Linear Algebra
Unit 1: Matrix · 9 hours
Understand the concept of matrix. Learn matrix notations. Study the rules of matrix.
- Week 8Module 3: Linear Algebra
Unit 2: Matrix Operations · 9 hours
Understand the concept of matrix operations. Learn matrix operations notations. Study the rules of matrix operations.
- Week 9Module 3: Linear Algebra
Unit 3: Matrix Inversion · 9 hours
Understand the concept of matrix inversion. Learn matrix inversion notations. Study the rules of matrix inversion.
- Week 10Module 3: Linear Algebra
Unit 4: Economics Applications of Matrix · 9 hours
Apply matrix to economic problems. Matrix inversion in economics. Cramer's rule in economics.
- Week 11Module 1: Calculus
Module 1: Calculus · 12 hours
Review all modules. Practice all TMAs question in Units 1 – 4 (Modules 1). Revise all topics.
- Week 12Module 2: Optimisation
Module 2: Optimisation · 12 hours
Review all modules. Practice all TMAs question in Units 5 – 8 (Module 2). Revise all topics.
- Week 13Module 3: Linear Algebra
Module 3: Linear Algebra · 12 hours
Review all modules. Practice all TMAs question in Units 9 – 12 (Module 3). Revise all topics.
Preparing for the exam
- Create concept maps linking derivatives, integrals, and economic applications
- Practice differentiation and integration problems from Units 1-4 weekly
- Focus on optimization techniques from Units 5-8, especially Lagrange multipliers
- Review matrix operations and inversion methods from Units 9-12
- Solve past exam papers to familiarize yourself with question formats and time constraints
- Create a study schedule to allocate sufficient time for each module
- Review all TMAs and tutor feedback to identify areas for improvement
- Practice applying mathematical concepts to real-world economic scenarios
- Form a study group to discuss challenging concepts and share insights
- Prioritize understanding over memorization, focusing on the underlying principles and logic
- Create flashcards for key formulas and definitions for quick recall
- Practice solving problems under timed conditions to improve speed and accuracy
- Review all examples in the textbook and study units
- Focus on understanding the assumptions and limitations of each mathematical technique
- Consult your tutor for clarification on any difficult concepts or topics
- Take regular breaks during study sessions to maintain focus and prevent burnout
Questions students ask about this course
What is ECO256 about?
This course is a continuation of Mathematics for Economists I (ECO 255). It covers derivatives, integration, economic applications of derivatives and integration, introduction to optimisation, functions of several variables, optimisation with constraints, differentials, matrix, matrix operations, matrix inversion and economic applications of matrix. The course aims to provide an in-depth understanding of mathematical applications in economics and stimulate understanding in decision-making.
How many units does ECO256 have?
ECO256, Mathematics For Economist Ii, has 12 units across 3 modules, over 130 pages of course material. You can read it one unit at a time.
How many credit units is ECO256?
ECO256 carries 2 credit units, at 200 level in Social Sciences.
Is ECO256 hard?
ECO256 is rated intermediate level, with advanced mathematical content. It is mostly theoretical and problem solving work.
How long does ECO256 take to study?
About 195 hours of study, spread across its 12 units.
How is ECO256 assessed?
ECO256 is assessed by assignments, tutor marked assignments and final examination.
What can I do with ECO256?
Economist, Financial Analyst, Market Research Analyst, Data Scientist and Quantitative Analyst.