23565 Mathematics for Economics and Business
Warning: The information on this page is indicative. The subject outline for a
particular session, location and mode of offering is the authoritative source
of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.
Subject handbook information prior to 2016 is available in the Archives.
Credit points: 6 cp
Subject level:
Undergraduate
Result type: Grade and marksThere are course requisites for this subject. See access conditions.
Anti-requisite(s): 25565 Fundamentals of Mathematical Economics
Description
This subject introduces students to a range of mathematical techniques used widely in economics and stresses the importance of understanding the logic of these techniques and the kinds of economic problems to which they can be applied. The subject enables students to analyse a number of economic problems from a mathematical perspective and to incorporate this analysis within a wider understanding of these problems.
Subject objectives
| 1. | explain and execute a set of fundamental mathematical techniques used widely in economic analysis |
|---|---|
| 2. | apply these fundamental mathematical techniques to a range of economic problems |
| 3. | use the results obtained from the application of mathematical techniques to inform their analysis and discussion of a range of economic problems. |
Contribution to the development of graduate attributes
This subject introduces students to a set of mathematical techniques used widely in intermediate and advanced economics subjects. It will enhance students’ ability to understand core economic problems by equipping them with a range of additional technical tools and will improve their ability to analyse and solve these problems.
Content
- Solving simultaneous linear equations.
- Nonlinear functions and applications.
- Optimization techniques.
- Concavity and convexity of functions.
- Using matrices in economics.
Assessment
Assessment task 1: Quizzes (Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 40% |
| Length: | 15 minutes for each quiz. |
Assessment task 2: Final examination (Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 60% |
| Length: | 2 hours+10 minute reading |
Minimum requirements
Students must achieve at least 50% of the subject’s total marks.
Required texts
Ian Jacques, Mathematics for Economics and Business, 8th edition, Pearson, 2015.
References
1) A.C. Chiang and K. Wainwright, Fundamental Methods of Mathematical Economics
2) T. Bradley, Essential Mathematics for Economics and Business
Other resources
UTS offers two great services (optional and free of charge to enrolled students) to foster students' success in this subject:
1) U:Pass
UTS Peer Assisted Study Success (or short U:PASS) is a program run by the Student Services Unit designed to assist students who are studying subjects which are perceived as difficult or historically have high unsuccessful completion rates. U:PASS targets these courses to provide a form of assistance, put students in touch with outstanding senior students in their discipline area and also to establish learning communities. All students within a targeted subject are encouraged to attend, not just those who are struggling. U:PASS sessions are scheduled each week (starting week 2) on campus in designated classrooms. The sessions are guaranteed study times and by attending U:PASS, students have the opportunity to meet with classmates, compare notes, course material, review readings, and discuss key concepts. U:PASS also provides students with an opportunity to complete study activities while developing core study skills specific to the course.
U::PASS is helpful in many ways, but students often comment that it:
- provides guaranteed study time
- offers a relaxed, "non-threatening" learning environment
- creates a smaller, more comfortable-sized study setting
- facilitates discipline based social interaction and networking
For further information please visit the link. Your U:PASS leader, Utkarsh Somaiya, will introduce himself and provide you with the session details in week 1.
2) Maths Study Centre
The Mathematics Study Centre provides support to all UTS undergraduate and postgraduate students studying in various introductory mathematical and quantitative areas including statistics.
Maths Study Centre runs a drop-in room (no appointment required), and it is free service for all UTS students. Tutors are available at the scheduled timetable for personal tutorial assistance for any problems related to mathematical studies. In addition, the Centre runs revision workshops during semester and in the final exam period for many first year mathematics and statistics subjects. These workshops are timed to assist students in their preparation for quizzes and the final exam.
The Mathematics Study Centre is located on UTS City Campus, in the building 4, level 3, room 331
The Centre is open from 11 AM till 5 PM on week days.
For more information please visit the link
https://www.uts.edu.au/current-students/science/study-resources/maths-study-centre.
_______________________________________________________________________________________________________
The Khan Academy (http://www.khanacademy.org/, registration is required) provides plenty of video tutorials on different topics in mathematics as well as economics. For every topic discussed in our course you could find several excellent presentations which explain and illustrate the notions and techniques.
The Khan Academy is highly recommended for everybody who encounters difficulties with digesting certain parts of the course material. Just enter the problematic topic (e.g., Implicit Differentiation) into the search...
