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Economics 307

ECON 307: Mathematical Economics

Prerequisite: ECON 106, MATH 126 or 151

Credit Hours: (3)

Development of selected mathematical and quantitative techniques with emphasis on application of those techniques to economic theory and problems.

 

Detailed Description of Content of the Course

This course will acquaint students with selected mathematical topics and to demonstrate the applicability of those topics to economic theory and problems. This course will introduce the development of economic theory by increasing emphasis on the use of mathematical and quantitative methods. The knowledge of a selected set of mathematical principles and application of those principles to economic theory is necessary for serious study of modern economics.

Topic Outline

1. The Nature of Mathematical Economics
2. Static Equilibrium Analysis
3. Comparative Statistics
4. Dynamic Analysis

 

Detailed Description of Conduct of the Course

The following teaching strategies will be employed:

  • Lectures, discussions.

 

Goals and Objectives of the Course

1. Discuss the mathematical vis-a-vis non-mathematical economics.
2. Examine the economic models - components and functional relationships and notation.
3. Discuss the solution of linear equations, non-linear equations, and Cramer's Rule.
4. Examine the total, average, and marginal relations; partial market equilibrium; and national income equilibrium.
5. Examine the nature of comparative statics, the derivative and slope of a function, rules of differentiation, unconstrained maxima-minima, and constrained maxima-minima.
6. Discuss the constrained utility maxima, elasticity of demand, cost minimization, and profit maximization.
7. Discuss first-order difference equations and simultaneous difference equations.
8. Examine the cobweb model, multipliers and accelerators, and spatial equilibrium models.

 

Assessment Measures

  • Exam I 100 Points
  • Exam II 100 Points
  • Final Exam 100 Points

 

Other Course Information

None

Review and Approval

Date Action Reviewed by
December 2004 Made alterations to syllabus N. Hashemzadeh, Chair
April 16, 2012 Revised