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 2020 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 the economic and business professions. The subject stresses the importance of understanding the logic of these techniques and the kinds of economic problems to which they can be applied. It 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. The mathematical perspective equips students with a systematical method to frame and approach problems encountered in practical business life.
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. This subject strongly contributes to the development of students’ analytical and mathematical skills.
Mathematics has increasingly become the language of expression and communication in both theoretical and empirical economics. A comprehensive knowledge of mathematics is indispensable for understanding modern economic literature and undertaking research at the graduate level. This subject provides students with the fundamental literacy with regard to mathematical statements and accurate notation. This subject contributes to students’ communication skills by emphasizing conciseness and clear presentation of derivations and results.
Overall, this subject is aligned with the following graduate attributes:
- business knowledge and concepts
- critical thinking, creativity and analytical skills
- communication and interpersonal skills
Teaching and learning strategies
In this subject, students get involved in active learning throughout the entire semester. The subject is taught through a variety of interactive activities based on the concept that mathematical techniques are best understood through application. Formal feedback, which is regularly provided through fortnightly quizzes (see assessments), in conjunction with self-assessments and group learning activities ensure that students keep up with the subject.
Lectures: Lecture slides will be made available via UTSOnline several days prior to each respective lecture. Any additional sketches used by the lecturer during the lecture will also be published on UTSOnline in a timely manner. Throughout the lectures, students are regularly given short tasks to practice the newly introduced techniques in small groups. The lecturer provides an immediate feedback and discusses answers with the students.
Supplementary Material: In addition to the main textbook, the students will be provided with complementary material to foster their understanding of the main concept of each week. These additional resources include weblinks, video tutorials, short written summaries, and additional exercises.
Tutorial Exercises: Tutorial questions are provided via UTSOnline on a weekly basis. The tutorials will typically consist of both abstract exercises to display the mathematical techniques in full generality as well as applied exercises that demonstrate how the techniques are used in an economics or business related context. During the tutorial, the tutor will support students in solving the exercises and encourage discussion of the solution concepts. Students receive immediate feedback on their work by both the tutor and their peers. Detailed solutions to the tutorial questions will be published on UTSOnline immediately after the respective tutorials.
Homework: Per week students will be provided with a list of most relevant textbook exercises. Short answers for immediate feedback are provided. Furthermore, students are encouraged to discuss their solutions and questions with classmates and the lecturer via the UTSOnline discussion board.
Online Self-testing: A short (on average three questions) Multiple Choice Self-test will be provided on UTSOnline for each topic that has been covered in the subject. After studying the lecture, tutorial, and (possibly) supplementary materials and practicing the homework questions, students may use these online multiple-choice test banks to self-assess their understanding of the respective week’s content. These Self-tests assist students in identifying potential gaps or confirming familiarity with the techniques. A positive self-assessment with regard to the previously covered materials serves as the best preparation for the next class as weekly content extensively builds upon its predecessors.
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 1,2 and 4 will take place in UTS online. Each of them will be made available on UTS online on the respecitive dates (see the programm). You will have one week to attempt each quiz. However, once you started a quiz, you will only have 15 minutes to complete it. Quiz 3 will be assigned on 10 September and is due by 1 October. Quiz 5 will be assigned on 15 October and is due by 5 November. |
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. 2015. Mathematics for Economics and Business, 8th edition, Pearson.
Recommended texts
- Akihito Asano. 2012. An Introduction to Mathematics for Economics, Cambridge University Press.
- Alpha C. Chiang and Kevin Wainwright. 2005. Fundamental Methods of Mathematical Economics, 4th edition, McGraw-Hill Education.
- Teresa Bradley. 2013. Essential Mathematics for Economics and Business, 4th edition, Wiley.
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 Building 4, level 3, room 331
The Centre is open from 11 AM till 5 PM on weekdays.
For more information please visit the link
http://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...