Advanced Mathematical Economics II
- Social Sciences
- 400 level
- 2 credit units
- 162 pages
- 14 units
This course, Advanced Mathematical Economics, is a two-credit undergraduate course designed for Economics students. It provides a comprehensive understanding of how to apply mathematical techniques to solve economic problems. Topics include linear algebraic functions, differential calculus, integral calculus, and differential analysis. Students will learn to manipulate simultaneous equations, understand sequences and series, and apply differentiation and integration to economic models. The course aims to equip students with the analytical skills necessary for advanced economic studies.
About this course
- Difficulty
- Intermediate
- Study hours
- 156 hours
- Maths
- Advanced
- Content
- Theoretical, problem solving
- Practical work
- No
- Basic Mathematics
- Introductory Economics
- Assignments
- Tutor marked assignments
- Final examination
What you'll read
The real module and unit structure of ECO459, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
ECO459 · UNIT 1 LINEAR ALGEBRA
The presentation schedule included in your course materials gives you the important dates for this year for the completion of tutor-marking assignments and attending tutorials. Remember, you are required to submit all your assignments by due date. You should guide against falling behind in your work.
What you should be able to do
- Apply linear algebraic functions to solve economic problems.
- Calculate derivatives and integrals of various functions.
- Solve simultaneous equations using elimination and substitution methods.
- Apply optimization techniques to maximize profit and minimize cost.
- Analyze dynamic economic models using differential and difference equations.
- Interpret and apply mathematical results to real-world economic scenarios.
What it prepares you for
- Economist
- Financial Analyst
- Market Research Analyst
- Quantitative Analyst
- Economic Consultant
- Finance
- Economics
- Consulting
- Market Research
- Government
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 3: Calculus II: Integration
Unit 3: Integration by Substitution and by Parts
Integration by parts requires careful selection of 'u' and 'dv' and can be challenging to apply correctly, especially with complex functions.
- Module 4: Differential Analysis
Unit 1: Differential Equation
Solving nonlinear differential equations often involves advanced techniques and a strong understanding of calculus and algebraic manipulation.
A suggested way through it
13 weeks, about 39 hours in total. Yours will differ.
- Week 1Module 1: Linear Algebraic Function
Unit 1: Linear Algebra · 3 hours
Read the introduction to Linear Algebra, focusing on the history and applications.. Practice solving linear equations with one variable.. Work through examples of exponential equations and their solutions..
- Week 2Module 1: Linear Algebraic Function
Unit 2: Simultaneous Equation · 3 hours
Study the elimination method for solving simultaneous equations.. Practice solving simultaneous equations using the substitution method.. Complete the self-assessment exercise to reinforce understanding..
- Week 3Module 1: Linear Algebraic Function
Unit 3: Sequence and Series · 3 hours
Understand the definitions of sequences and series.. Learn to calculate arithmetic and geometric progressions.. Practice finding the sum of arithmetic and geometric progressions..
- Week 4Module 2: Calculus I: Differentiation
Unit 1: Differentiation · 3 hours
Understand the concept of differentiation and its applications.. Practice differentiation from first principles.. Learn to differentiate constants and polynomials..
- Week 5Module 2: Calculus I: Differentiation
Unit 2: Other Techniques of Differentiation: The Composite Function · 3 hours
Study the composite function rule for differentiation.. Learn and apply the product rule for differentiation.. Understand and use the quotient rule for differentiation..
- Week 6Module 2: Calculus I: Differentiation
Unit 3: Differentiation of Exponential Logarithmic and Trigonometric Functions · 3 hours
Learn to differentiate exponential functions.. Practice differentiating logarithmic functions.. Understand and apply differentiation to trigonometric functions..
- Week 7Module 3: Calculus II: Integration
Unit 1: Integration · 3 hours
Understand the concept of integration as the reverse of differentiation.. Learn to calculate indefinite integrals.. Practice integrating constants and polynomials..
- Week 8Module 3: Calculus II: Integration
Unit 2: Integration of Exponential and Trigonometric · 3 hours
Learn to integrate exponential functions.. Practice integrating trigonometric functions.. Work through examples of definite integrals..
- Week 9Module 3: Calculus II: Integration
Unit 3: Integration by Substitution and by Parts · 3 hours
Understand the method of integration by substitution.. Learn to apply integration by parts.. Practice solving complex integrals using these techniques..
- Week 10Module 4: Differential Analysis
Unit 1: Differential Equation · 3 hours
Understand the concept of differential equations.. Learn to solve first-order linear differential equations.. Practice separation of variables in differential equations..
- Week 11Module 4: Differential Analysis
Unit 2: Difference Equation · 3 hours
Understand the concept of difference equations.. Learn to apply the general formula for difference equations.. Study the lagged income determination model and the Cobweb model..
- Week 12Module 4: Differential Analysis
Unit 3: Optimization · 3 hours
Understand the meaning and types of optimization problems.. Learn to solve unconstrained optimization problems.. Practice solving constrained optimization problems using Lagrange multipliers..
- Week 13Module 4: Differential Analysis
Unit 4: Dynamics Analysis · 3 hours
Understand the concept of dynamic economics.. Learn the scope and importance of dynamic economics.. Study dynamic equations and their applications..
Preparing for the exam
- Review all key definitions and theorems from each unit.
- Practice solving a variety of problems from the self-assessment exercises and TMAs.
- Create a formula sheet with all important equations and techniques.
- Focus on understanding the economic applications of each mathematical concept.
- Allocate sufficient time to practice integration and differentiation techniques.
- Review past examination papers to familiarize yourself with the exam format.
- Create concept maps linking Modules 1-2 algebraic and calculus foundations
- Practice applying optimization techniques from Units 11-13 weekly
- Ensure strong understanding of differential equations from Units 1-4
Questions students ask about this course
What is ECO459 about?
This course, Advanced Mathematical Economics, is a two-credit undergraduate course designed for Economics students. It provides a comprehensive understanding of how to apply mathematical techniques to solve economic problems. Topics include linear algebraic functions, differential calculus, integral calculus, and differential analysis. Students will learn to manipulate simultaneous equations, understand sequences and series, and apply differentiation and integration to economic models. The course aims to equip students with the analytical skills necessary for advanced economic studies.
How many units does ECO459 have?
ECO459, Advanced Mathematical Economics II, has 14 units across 4 modules, over 162 pages of course material. You can read it one unit at a time.
How many credit units is ECO459?
ECO459 carries 2 credit units, at 400 level in Social Sciences.
Is ECO459 hard?
ECO459 is rated intermediate level, with advanced mathematical content. It is mostly theoretical and problem solving work.
How long does ECO459 take to study?
About 156 hours of study, spread across its 14 units.
How is ECO459 assessed?
ECO459 is assessed by assignments, tutor marked assignments and final examination.
What do I need before starting ECO459?
Basic Mathematics Introductory Economics
What can I do with ECO459?
Economist, Financial Analyst, Market Research Analyst, Quantitative Analyst and Economic Consultant.