Quantitative Methods for Economists

Course Description

The course discusses scientific approach to decision-making and solving business problems. Several techniques are introduced in applying mathematics to solve management problems quantitatively. The course also deals with the application of mathematics to business and economics. The course further looks at the areas with the determination of the most efficient use of limited resources in optimizing objectives, using the graphical method and algebraic methods.

Course Outcomes

At the end of the course, students will:

• Discuss quantitative techniques in decision making
  
• Demonstrate ability to manipulate mathematical expressions and solve mathematical equations
  
• Formulate business, management and economic issues into mathematical problems and solve them using appropriate quantitative techniques
  
• Apply quantitative techniques in decision making.
  
• Apply mathematics to technical problems in business and management.
  
• Appreciate the value of mathematical reasoning and analysis in daily life situations.

Course Content

• Basic Mathematical Techniques
  
• Matrix Algebra
  
• Solving System of Equation using Linear Model
  
• Differential Calculus
  
• Application of Differentiation
  
• Integral Calculus
• Linear Programming

Compulsory Reading Materials

• Barnett, A., Zielgler, R. & Byleen, E. (2000). Applied mathematics for business, economics, life sciences and social sciences, (7^th ed.). New York: Prentice-Hall, Inc.

Optional Reading Materials

• Dowling, E. T. (1992). Introduction to mathematical economics, (2^nded.). Schaum’s Outline series, Ontario: McGraw-Hill Inc.
  
• Hughes-Hallet, D. & Gleason, M. (1996). Applied calculus for business, social sciences and life sciences, New York: John Wiley and Sons, Inc.
  
• Chiang, A. C. (1984). Fundamental methods of mathematical economics. New York: McGraw-Hill Book Co