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ECON 547 Mathematical Economics (3 Credits)

This course that intends to improve students' comprehension of economic theory, make future economics easier to understand and enhance basic mathematical skills. Mathematics applied to economic theories will empower students to grasp more complicated phenomena due to its preciseness and compactness. Thus, the course considers the mathematics and economic applications of optimization, constrained optimization, differentials, slopes and derivatives and equilibrium. This course will introduce students to calculus and its application to economic theory. Subjects include dynamic models, integrals, constrained optimization, maximization, minimization, elasticity and partial elasticity, as well as static models. Economic applications from microeconomics and macroeconomics are discussed for each mathematical topic.

Learning Outcomes:

  • Develop the ability to translate economic problems encountered in economic modules into mathematical models, and solve these problems.
  • Demonstrate logical reasoning, analytical work, high levels of accuracy in selecting and applying appropriate techniques to solve problems.
  • Demonstrate a thorough understanding of mathematical techniques discussed by working with abstract concepts in a context of generality.
  • Explain the use of basic econometric methods.
  • Demonstrate critical interpretations of empirical studies.
  • Discuss the application of optimization models to market, producer and consumer theories.
  • Use advanced techniques in linear algebra, calculus, and differential equations.