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Economics 207

ECON 207
Mathematical Economics (GE)

1. Catalog Entry

ECON 207
Mathematical Economics (GE)

Credit hours (3)
Prerequisites: ECON 106 and one of the following: MATH 125, MATH 126, MATH 138, MATH 168, MATH 169, or MATH 171.
Development of selected mathematical and quantitative techniques, with emphasis on the application of those techniques to economic theory and problems.

Note(s): General Education and Scientific and Quantitative Reasoning designated course.

2. Detailed Description of 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 quantitative, and analytical 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

3. Detailed Description of Conduct of Course

The following teaching strategies may be employed:

Lectures, discussions

4. Goals and Objectives of the Course

After completing this course, students will be able to:

1) Solve a variety of optimization problems, such as those involving utility and profit maximization and cost minimization, using algebra and calculus. (SLO6)

2) Solve a variety of economic models involving systems of static and dynamic equations. (SLO5, SLO6)

3) Perform comparative statics analysis to compare model solutions under different conditions. (SLO5, SLO6)

4) Apply scientific and quantitative information to test problems and draw conclusions.

5) Students evaluate the quality of data, methods, or inferences used to generate scientific knowledge.

6) Analyze how changes in macroeconomic variable (e.g., consumption, business investment, government spending, or foreign trade) affect the national economy. (SLO5)

7) Analyze how changes in economic variables affect decisions of firms, households and equilibrium in markets. (SLO6)

5. Assessment Measures

   1) Homework problems
   2) Exams
   3) Class participation

6. Other Course Information

None.

Review and Approval

September 2, 2014

December 2013 C. Vehorn

April 16, 2012

December 2004 N. Hashemzadeh

March 01, 2021