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 2017 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 learning objectives (SLOs)
| 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 (topics)
- 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: | Quizzes will take place at the beginning of the lectures in the respective weeks. You will have 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 and 10 minutes (includes 10 minutes of reading time) |
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.
Recommended texts
- Akihito Asano, An Introduction to Mathematics for Economics
- Alpha C. Chiang and Kevin Wainwright, Fundamental Methods of Mathematical Economics
- Teresa 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. We highly recommend that you take full advantage of theses offers, that is attend U:Pass Sessions regularly and study at the Math Study Centre throughout the semester.
1) U:Pass
UTS Peer Assisted Study Success (or short U:PASS) is a voluntary “study session” where you will be studying the subject with other students in a group. It is led by a student who has previously achieved a distinction or high distinction in the subject area, and who has a good WAM. Leaders will prepare activities for you to work on in groups based on the content you are learning in lectures and tutorials. It’s really relaxed, friendly, and informal. Because the leader is a student just like you, they understand what it’s like to study the subject and how to do well, and they can pass those tips along to you. Students also say it’s a great way to meet new people and a “guaranteed study hour”.
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
You can sign up for U:PASS sessions via U:PASS website http://tinyurl.com/upass2017 Note that sign up is not open until week 2, as it’s voluntary and only students who want to go should sign up. If you have any questions or concerns about U:PASS, please contact Georgina at upass@uts.edu.au, or check out the website.
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 a 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 the 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.
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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...
