Contents
Straight lines and Functions, their Applications in Market Analysis, Excel for Linear Functions Simultaneous Equations and Use them in Equilibrium Market Analysis, Quadratic Equations and Economic Applications, Non-linear Functions, Numerical Methods for Solving Nonlinear Equations, their Graphs and Applications, Financial Mathematics, Excel for Financial Mathematics, Differentiation and Applications in Marginal Analysis, Economic Applications in Optimization.
Detailed Course
Unit 1. Straight lines and Functions 6 hrs
Straight lines, Linear Functions,
Applications: demand, supply, cost, revenue, Elasticity of demand, supply and income, Budget and cost constraints, Method of Least Squares;
Lab. Work: Introducing Excel, Excel for linear functions.
Unit 2. Simultaneous equations 6 hrs
Simultaneous linear equations, Equilibrium and break-even, Consumer and producer surplus, the IS- LM model
Lab. Work: Excel for simultaneous linear equations.
Unit 3. Quadratic Equations 7 hrs
Graphs of Quadratic Functions, Quadratic Equations, Applications to Economics;
Lab. Work: Excel for quadratic equations.
Unit 4. Non-linear functions, their graphs and applications 10 hrs
Cubic and other polynomial functions, Exponential functions, Logarithmic functions,
Hyperbolic functions of the form a/(bx + c);
Bisecton method, Newton-Raphson method for solving nonlinear equatons;
Lab. Work: Excel for non-linear functions;
Smart math calculator (software): Bisecton method, Newton-Raphson method.
Unit 5. Financial mathematics 10 hrs
Arithmetic and geometric sequences and series; Simple interest, compound interest and annual percentage rates, Depreciation, Net present value and internal rate of return, Annuities, debt repayments, sinking funds; Relationship between interest rates and the price of bonds;
Lab. Work: Excel for financial mathematics.
Unit 6. Differentiation and applications 9 hrs
Slope of a curve and differentiation, Rules of differentiation, Differentiation and marginal analysis, Optimization for functions of one variable, Economic applications of maximum and minimum points, Curvature and other applications, Elasticity and the derivative;
Lab. Work: Excel for applications of derivatives.
