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ECO718Social Sciences3 Unitsintermediate

Advanced Mathematical Economics

This course, Advanced Mathematical Economics, is designed for postgraduate Economics students. It provides essential tools and knowledge for analyzing economic problems using mathematical models. The course covers calculus, multivariate optimization, constrained and unconstrained optimization, matrix algebra, dynamic optimization, linear programming, input-output analysis, non-linear programming, and game theory. Students will learn to apply these concepts to firm and consumer behavior, production, allocation, and strategic decision-making.

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150h

Study Time

13

Weeks

12h

Per Week

advanced

Math Level

Course Keywords

Mathematical EconomicsOptimizationMatrix AlgebraLinear ProgrammingGame Theory

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level

Builds on foundational knowledge

65%

intermediate

∑

Math Level

Advanced Math

📖

Learning Type

Theoretical Focus

Course Topics

Key areas covered in this course

1

Mathematical Economics

2

Economic Models

3

Functions and Continuity

4

Equilibrium Analysis

5

Matrix Algebra

6

Linear Equations

7

Input-Output Analysis

8

Differential Calculus

9

Integral Calculus

10

Optimization Techniques

11

Differential Equations

12

Linear Programming

13

Non-Linear Programming

14

Game Theory

Total Topics14 topics

Requirements

Knowledge and skills recommended for success

Introductory Economics

Calculus

Linear Algebra

💡 Don't have all requirements? Don't worry! Many students successfully complete this course with basic preparation and dedication.

Assessment Methods

How your progress will be evaluated (4 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assignments

Comprehensive evaluation of course material understanding

Written Assessment

classroom tests

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Economist

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Market Research Analyst

Apply your skills in this growing field

Policy Analyst

Apply your skills in this growing field

Data Analyst

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

BankingFinanceConsultingGovernmentResearch

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: Overview of Mathematical Economics, Models, Functions and Economic Equilibrium Analysis

2h

Unit 1: Overview of Mathematical Economics

2 study hours

•Read the unit introduction to understand the scope of mathematical economics.
•Define mathematical economics and its role in economic analysis.
•Discuss the rationale for studying mathematical economics.
•Identify areas where mathematics can be applied to economics.

Week

2

Module 1: Overview of Mathematical Economics, Models, Functions and Economic Equilibrium Analysis

2h

Unit 2: Economic Models, Components of a Mathematical Model

2 study hours

•Define an economic model and its purpose.
•Discuss the components of a mathematical economic model.
•Explain the qualities of good mathematical models.
•Differentiate between static and dynamic models.

Week

3

Module 1: Overview of Mathematical Economics, Models, Functions and Economic Equilibrium Analysis

2h

Unit 3: Types of Functions, Functions of Two or More Independent Variables

2 study hours

•Explain the meaning of a function and ordered pairs.
•Discuss the relationship between functions and ordered pairs.
•Describe different types of functions (explicit, implicit, constant, etc.).
•Explain the concept of continuity of functions.

Week

4

Module 1: Overview of Mathematical Economics, Models, Functions and Economic Equilibrium Analysis

2h

Unit 4: Equilibrium Analysis in Economics

2 study hours

•Explain the meaning of equilibrium in economics.
•Differentiate between partial and general equilibrium analysis.
•Discuss the importance of equilibrium analysis in economic analysis.
•Solve problems related to market equilibrium.

Week

5

Module 2: Matrix Algebra, System of Linear Equations and Matrix Application to Economics: Input-Output Analysis

2h

Unit 1: Matrix-Algebra

2 study hours

•Define a matrix and its size.
•Represent a system of linear equations in matrix format.
•Identify different types of matrices (square, diagonal, identity, etc.).
•Perform basic operations with matrices (addition, scalar multiplication).

Week

6

Module 2: Matrix Algebra, System of Linear Equations and Matrix Application to Economics: Input-Output Analysis

2h

Unit 2: System of Linear Equations and Cramer's Rule

2 study hours

•Explain Cramer's rule and its application.
•Understand determinants and their properties.
•Solve systems of linear equations using Cramer's rule.
•Apply Cramer's rule to economic problems.

Week

7

Module 2: Matrix Algebra, System of Linear Equations and Matrix Application to Economics: Input-Output Analysis

2h

Unit 3: System of Linear Equations and Matrix Inversion

2 study hours

•Define matrix inversion and its properties.
•Apply matrix inversion techniques to solve systems of linear equations.
•Understand the invertible matrix theorem.
•Relate matrix inversion to economic models.

Week

8

Module 2: Matrix Algebra, System of Linear Equations and Matrix Application to Economics: Input-Output Analysis

2h

Unit 4: Matrix Application to Economics: Input-Output Analysis

2 study hours

•Explain input-output analysis and its purpose.
•Understand the input-output matrix/table.
•Derive the Leontief matrix/model.
•Apply input-output analysis to economic problems.

Week

9

Module 3: Diffrentiations, Integration and Optimization Techniques

2h

Unit 1: Differential Calculus and Some Economic Applications

2 study hours

•Define differential calculus and its applications.
•Find the derivative of explicit and implicit functions.
•Apply rules of differentiation (constant, power, product, quotient).
•Solve problems related to marginal functions (revenue, cost, profit).

Week

10

Module 3: Diffrentiations, Integration and Optimization Techniques

2h

Unit 2: Integral Calculus and Some Economic Applications

2 study hours

•Define integral calculus and its relationship to differentiation.
•Apply integration techniques (substitution, integration by parts).
•Solve problems related to cost and revenue functions using integration.
•Calculate consumer and producer surplus.

Week

11

Module 3: Diffrentiations, Integration and Optimization Techniques

2h

Unit 3: Optimization Techniques

2 study hours

•Define optimization and its types (free, constrained).
•Apply optimization techniques (substitution, Lagrange multiplier).
•Understand conditions for optimization (first-order, second-order).
•Solve utility maximization problems subject to budget constraints.

Week

12

Module 3: Diffrentiations, Integration and Optimization Techniques

2h

Unit 4: Differential Equations

2 study hours

•Define differential equations and their types (ordinary, partial, homogeneous).
•Determine the order and degree of differential equations.
•Find general and particular solutions of differential equations.
•Apply differential equations to economic equilibrium analysis.

Week

13

Module 4: Linear/Non-Linear Programming, and Game Theory

2h

Unit 1: Linear Programming

2 study hours

•Define linear programming and its applications.
•Represent linear programming problems mathematically.
•Apply linear programming techniques (simplex algorithm, graphical method).
•Solve problems related to resource allocation and production planning.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review all key definitions and theorems from each unit.

2

Practice solving numerical problems from the study units and TMAs.

3

Create concept maps linking related topics across modules.

4

Focus on understanding the economic applications of each mathematical technique.

5

Allocate sufficient time to review matrix algebra and optimization techniques.

6

Practice solving linear programming problems using both the simplex algorithm and graphical methods.

7

Review past examination papers to familiarize yourself with the question formats.

8

Create flashcards for key formulas and concepts.

9

Form study groups to discuss challenging topics and share problem-solving strategies.

10

Prioritize studying the peak difficulty periods identified in the course guide.

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