Core
4
8 ECTS
Autumn
Entrance Exam
EC150
Amer Demirovic
2017
Analysis and graphical illustration of linear relationships between economics and business variables.
Analysis of non-linear relationships and the fundamental concept of marginality (differentiation).
Analysis of multi variable functions and partial effect of changes in variables upon a variable of interest.
Basic analysis of adjustment processes with difference and differential equations.
Mathematics of interest rates and analysis of the time value of money.
Basic matrix algebra techniques for solving systems of linear equations.
| Type | Number per Term | Duration | Total Time |
|---|---|---|---|
|
Lectures |
15 | 1.5 | 22.5 |
|
Workshops |
5 | 1.5 | 7.5 |
|
Seminars |
5 | 1.5 | 7.5 |
| Tutorials | 5 | 1.5 | 7.5 |
| Total Guided/Independent Learning Hours | 45.0 | ||
| Total Contact Hours | 155.0 | ||
| Total Engagement Hours | 200.0 | ||
| Type | Number Required | Duration / Length | Weighting | Timing / Submission Deadline |
|---|---|---|---|---|
|
Exam |
1 |
3 hours |
50% |
Week 17 |
|
Mid-semester test |
1 |
2 hours |
20% |
Week 8 |
|
Tests |
2 | 1 hour |
30% |
Week 4, Week 8 |
Intended Learning Outcomes:
To enhance understanding of the key terminology from the field of Economics and Business and in mathematical terms, understand fundamental concepts such as the time values of money, profit maximization and equilibrium.
Understanding how to analyse relationships between economic and business variables
Understanding a concept of marginality and how to analyse changes in marginal products and values
Ability to estimate value of a set of variables that solves a business or economic problem
Understanding how to solve various optimisation (max, min) problems
Ability to analyse interest rates and the value of money through time
Ability to understand how business and economic variables adjust or change over time
Use established methods to judge the reliability of data
Teaching and Learning Strategy:
Lectures to introduce mathematical methods. Lectures will be based on the key text book. In addition to the key text book, supplementary resources will be used. (ILO 1-8)
In class exercises to mathematically formulate and solve exemplary economic/business problems. Problems will be firstly solved by professor, and after that students will be given opportunity to solve problems. Their activity will be marked and they will have the opportunity to ask questions related to the problems. (ILO 1-8)
Assessment Strategy:
Test 1 (ILO 1-2)
Midterm exam (ILO 1-4)
Test 2 (5-6)
Final exam (ILO 1-6)
Practical Skills:
Ability to find maximum/minimum/ limits of mathematical functions
Ability to analyse how basic variable changes in response to a change in another variable
Ability to identify an optimal solution among several competing alternatives
Ability to calculate basic annuities and present/future value of investments
Ability to apply mathematical tools to problems in microeconomics, macroeconomics and financial economics
Teaching and Learning Strategy:
Lectures (PS 1-5)
In class Exercises (PS 1-5)
Tutorials (PS 5)
Assessment Strategy:
Test 1 (PS 1-2)
Midterm exam (PS 1-3)
Test 2 (PS 4-5)
Transferable Skills:
Numerical skills
Communication skills
Problem solving
Data analyses skills
Compare, inspect or record facts
Teaching and Learning Strategy:
In-class exercises (TS 1-5)
Tutorials (TS 2-5)
Assessment Strategy:
Midterm/Final Exam (TS 1-5)
Tests (TS 1)
Set text
Jacques, I. (2015) Mathematics for Economics and Business, 8th Edition, Pearson.
Supplementary Materials
Chiang, A. and Wainwright, K., (2004), Fundamental Methods of Mathematical Economics, 4th Edition, McGraw-Hill Education
Metal Project (2017), Resources for students, [online], www.metalproject.co.uk (Assessed: 10 April 2017)
Sydsaeter, K., et al., (2016), Essential Mathematics for Economic Analysis, 5th Edition, Pearson
Wolfram Alpha (2017), Resources for students, [online], www.wolframalpha.com
Please note
This specification provides a concise summary of the main features of the module and the learning outcomes that a typical student might reasonably be expected to achieve and demonstrate if he/she takes full advantage of the learning opportunities that are provided.
More detailed information on the learning outcomes, content and teaching, learning and assessment methods of each module and programme can be found in the departmental or programme handbook.
The accuracy of the information contained in this document is reviewed annually by the University of Buckingham and may be checked by the Quality Assurance Agency.
Date of Production : April 2017
Date approved by School Learning and Teaching Committee:
Date approved by School Board of Study :
Date approved by University Learning and Teaching Committee:
Date of Annual Review:
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