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DEPARTMENT 02

Mathematics for Economics

The maths toolkit, taught through economic examples only.

Entry Level: L1BA EconomicsUGC NETIES

Syllabus Modules & Canonical Topics

5 Modules comprising 26 Canonical Topics.

02.1

Arithmetic and Algebra Essentials

5 Canonical Topics

Ratios, percentages and percentage points

Growth rates, averages of growth and CAGR

Linear and simultaneous equations

Exponents, logarithms and log approximations

Sequences, series and compounding

02.2

Functions and Graphs

4 Canonical Topics

Reading economic graphs: movements versus shifts

Functions and variables

Linear functions: slope and intercept

Non-linear functions: quadratic, exponential, logarithmic

02.3

Calculus for Economics

5 Canonical Topics

Limits and continuity

Derivatives as marginal concepts

Elasticity through derivatives

Partial derivatives and the total differential

Integration: totals, areas and surplus

02.4

Optimisation

5 Canonical Topics

Unconstrained optimisation

Linear programming

Constrained optimisation and Lagrange multipliers

The envelope theorem

Kuhn-Tucker conditions

02.5

Linear Algebra and Dynamics

5 Canonical Topics

Matrices, determinants and Cramer's rule

Input-output analysis: the Leontief model

Comparative statics

Difference equations and the cobweb model

Differential equations and stability

Back to School A: Foundations and Methods