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SSST Subjects

EC150 Mathematics for Economics and Business

 
 

Programme(s) where module is offered

  • BSc in Economics with International Business
  • BSc in Economics with Finance
  • BSc in Business and Management with Finance
  • BSc in Business and Management with Economics
 

Status (core, option, free choice)

Core

 

FHEQ Level

4

 

Unit Value

8 ECTS

 

Semester taught

Autumn

 

Pre-Requisite Modules or Qualifications

Entrance Exam

 

Module Code

EC150

 

Module coordinator

Amer Demirovic

 

Applicable From

2017

 

Educational Aims of the Module

  • The module introduces students to mathematical concepts and tools required to understand and solve basic problems in business and economics.
  • Mathematics is approached as a tool so rather than focusing on formal mathematics the module concentrates on common economic/business problems and teaches students how to use mathematics to solve them.
  • By the end of the module students should understand fundamental concepts such as the time values of money, profit maximization, marginal profit / utility and equilibrium, and be able to use mathematical tools to formulate and solve simple problems in these areas.
 

Module Outline/Syllabus

  • 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.

 

Student Engagement Hours

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
 

Assessment Method Summary

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

 

Module Outcomes

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)

 

Key Texts and/or other learning materials

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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