MATHEMATICS FOR ECONOMICS - 2023/4

Module Overview

This module introduces students to a range of mathematical techniques and concepts required for the effective study of economics. It demonstrates the role mathematics plays in the formulation of economic theory and subsequent analysis. The module builds on the mathematics students have studied in the first term of Level 4 and gives students the mathematical tools needed for the study of economics at Level 5 and 6.

Module provider

Economics

Module Leader

MARTELLOSIO Federico (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 4

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

Module Availability

Semester 2

Prerequisites / Co-requisites

None

Module content

Indicative content include:

• Multivariate calculus and partial derivatives


• Total differentials and total derivatives


• Unconstrained optimisation


• Constrained optimisation: Lagrange multipliers


• Implicit differentiation


• Homogeneous functions and returns to scale


• Integration


• Mathematics of finance: evaluation of investments, computations with interest rates, sequences and series

For each of these topics, economic applications are emphasized.

Assessment pattern

Alternative Assessment

Not applicable

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to that they have achieved the module’s learning outcomes. Thus, the summative assessment for this module consists of:

• Two tests each test is worth 15% of the final mark.


• One final examination worth 70% of the final mark.

Formative assessment and feedback

Students receive verbal feedback during in-person workshops and tutorials. Students are also provided with weekly problem sets which they can solve independently or in teams in preparation for the tutorials. During the tutorials, students receive feedback on their work, and guidance on how their answers could be improved. Solutions to all questions in the problem sets are provided online. Weekly learning activities provide the students with feedback on their understanding of the material. Before each of the two tests, sample tests are made available, along with correct answers and discussion of possible mistakes. After the tests, students receive verbal and written feedback in the form of correct answers and a discussion of mistakes.

Module aims

• To enable students to transform economic models into mathematical format
• To develop mathematical manipulation skills in the search for a solution of an economic model
• To develop ability in the interpretation of mathematical solutions in an economic context
• To develop rigorous and mathematical thinking
• To become familiar with a range of mathematical techniques needed for the study of economics at Level 5 and 6

Learning outcomes

Methods of Teaching / Learning

The learning and teaching strategy is designed to achieve the module learning outcomes. Students have access to pre-recorded short videos summarizing the learning outcomes of the week and highlighting important concepts ahead of the weekly in-person workshops and in-person tutorials. Workshops are mainly aimed at consolidating the weekly learning outcomes by solving exercises. Tutorials are dedicated to giving feedback on weekly problem sets students work on prior to the tutorials. 

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.

Reading list

https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: ECO1005

Other information

The School of Economics is committed to developing graduates with strengths in Employability, Digital Capabilities, Global and Cultural Capabilities, Sustainability, and Resourcefulness and Resilience. This module is designed to allow students to develop knowledge, skills, and capabilities particularly in the following areas:

Employability

Students are equipped with theoretical and practical problem-solving skills, and transferable mathematical and theoretical knowledge that will allow them to analyze in theory and in practice data driven financial and econometric applications. All of this is highly valuable to employers for different roles within economics and finance. 

Programmes this module appears in

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2023/4 academic year.