Course Contents
Integration and Applications in Production, First-order Differential Equations and Applications, Dynamics of Market Price, Linear Inequalities and Linear Programming, Linear Algebra and Applications, Numerical Methods for Solving Systems of Linear Equations, Input/Output Analysis, Functions of Several Variables and their Applications in Business and Economics, Difference Equations and Dynamic Economic Analysis.
Detailed Course
Unit 1: Integration and applications 8 hrs
Integration as the reverse of differentiation, Integration of the natural exponential function, Integration by algebraic substitution, Definite integral, Area under a curve, Consumer and producer surplus.
Unit 2: Linear inequalities and Linear programming 6 hrs
Linear Inequalities in Two Variables, Linear programming: Graphical method, Simplex method (two variables): Standard L P Problems, Duality and Standard Minimization L P Problems.
Online: Simplex method
Unit 3: Linear algebra and applications 7 hrs
Matrices, Elementary row operations, Solution of equations: Gauss elimination method and Gauss- Jordan method, Iterative Solution of equations: Gauss Siedel method, Determinants, Solution of equations: Cramer's rule, Inverse matrix: Gauss-Jordan method, Input/output analysis;
Lab. Work: Excel for linear algebra,
Online: Gauss elimination method for solving system of linear equations, Gauss-Jordan method for solving system of linear equations and finding inverse matrices.
Unit 4: Functions of several variables 9 hrs
Functions of several variables, Applications of functions of two variables in Business and economics, Partial differentiation, Applications of partial differentiation, Elasticity of Demand, Utility, Production, Graphical Representations, Unconstrained optimization,
Constrained optimization and Lagrange multipliers.
Unit 5: First-order differential equations and applications 9 hrs Differential equations for limited and unlimited growth, First-Order Linear Differential Equations with Constant, Coefficient and Constant Term, Dynamics of Market Price, Variable Coefficient and Variable Term, Exact Differential Equations, Nonlinear Differential Equations of the First Order and First Degree.
Unit 6: Dynamic economic analysis and Difference equations 9 hrs Difference equations, Solution of difference equations (first-order), Cobweb: iterative solutions, Cobweb: difference equation solutions, Lagged Keynesian macroeconomic model, Duopoly price adjustment.
