# MATHEMATICS FOR ECONOMICS - 2020/1

Module code: ECO1005

Module Overview

This module seeks to provide the necessary mathematical skills essential for those second and final year modules that are mathematical in nature. It will demonstrate the role mathematics plays in the formulation of economic theory and subsequent analysis.

Module provider

Economics

MARTELLOSIO Federico (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 4

JACs code: G100

Module cap (Maximum number of students): N/A

Module Availability

Semester 2

Prerequisites / Co-requisites

None

Module content

Indicative content include:

• Partial Derivatives and economic applications

• Total differentials and total derivatives

• Multivariate optimisation – unconstrained and constrained

• Differential calculus, including multivariate calculus

• Integral calculus

• Series and financial maths

Assessment pattern

Assessment type Unit of assessment Weighting
School-timetabled exam/test MULTIPLE CHOICE CLASS TEST (45 MINS) 15
School-timetabled exam/test MULTIPLE CHOICE CLASS TEST (45 MINS) 15
Examination EXAMINATION - SOLVING EXERCISES AND THEORETICAL QUESTIONS (120 MINUTES) 70

Alternative Assessment

Not applicable

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate:

understanding of the mathematical techniques discussed during the lectures, mathematical manipulation skills, and the ability to interpret mathematical solutions in an economic context.

Thus, the summative assessment for this module consists of:

• Two 45 minutes multiple choice tests (weeks 7 and 11). These will provide students with an assessment of their understanding of basic concepts studied in the first and the second part of the course, respectively. Each test is worth 15% of the final mark.

• One 2-hour final exam in which students are required to solve exercises and to answer some theoretical questions. This exam is designed to test the learning outcomes indicated above.  Worth 70% of the final mark.

Formative assessment and feedback

Students receive verbal feedback during lectures, in which simple questions and exercises are discussed. They also have weekly feedback sessions. For these, students are being provided with a set of exercises relating to the lecture material which they solve independently or in teams. In the feedback sessions, they receive feedback on their answers, and guidance on how these answers could be improved. In addition to this, students receive guideline solutions online. Before the coursework test, some sample questions are made available for students to familiarise themselves with the setup of the test. Finally, after the two tests, students receive written feedback in the form of correct answers and a discussion of common mistakes.

Module aims

• To enable students to transform economic models into mathematical format
• To develop mathematical manipulation skills in the search for a solution
• To develop ability in the interpretation of mathematical solutions in an economic context

Learning outcomes

Attributes Developed
001 Understand the role mathematics plays in the representation and analysis of economic theory KCPT
002 Be proficient at obtaining derivatives and integrals for a wide range of bivariate and multivariate functions KCPT
003 Be able to structure economic and finance problems in mathematical format and solve where appropriate KCPT

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Independent Study Hours: 118

Lecture Hours: 22

Tutorial Hours: 10

Methods of Teaching / Learning

The learning and teaching strategy is designed to:

• Enhance mathematical skills

• Enable students to satisfactorily interpret mathematical solutions in an economic context

• Emphasise rigorous mathematical language

The learning and teaching methods include:

• 2-hour lecture per week, x 11 weeks

• 1-hour feedback session per week x 10 weeks

• independent study (118 hours)

Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.