Course code ECN302

ECN302 Mathematics for Economists

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Showing course contents for the educational year 2015 - 2016 .

Course responsible: Kyrre Rickertsen
Teachers: Arnar Mar Buason
ECTS credits: 5
Faculty: School of Economics and Business
Teaching language: EN
(NO=norsk, EN=Engelsk)
Teaching exam periods:
The course has teaching/evaluation in the August block.
Course frequency: Annually.
First time: Study year 2007-2008
Preferential right:
M-ECON and M-ØA.
Course contents:
The course covers mathematical tools that are assumed to be known in courses such as, for example, ECN311 (Microeconomics) and ECN301 (Econometrics). The course is a required course for the M.Sc. degree in Economics at School of Economics and Business, NMBU. Topics covered in matrix algebra include: Summation operators, types of matrixes, matrix operations, Gauss-Jordan elimination, determinants, the inverse of a square matrix, matrix differentiation, Cramer's rule, and the matrix approach to regression. Topics covered in optimization include: Elasticities, the chain rule, unconstrained optimization, equality contrained optimization (Lagrange), inequality contrained optimization (Kuhn Tucker), implicit funtion theorem, and envelope theorem.
Learning outcome:
The course will introduce the matrix algebra used in courses in econometrics, and the tools required for solving optimization problems in economics. The focus is on applying the mathematical tools rather than proving them. An important part of the course is to solve problem sets.
Learning activities:
The course consists of lectures and exercises. The students are encouraged to work in groups.
Syllabus:
Parts of Alpha C. Chiang and Kevin Wainwrigth (2005) Fundamental Methods of Mathematical Economics, McGraw Hill International edition.Parts of Silberberg and Suen (2001). The Structure of Economics - A Mathematical Analysis, third edition, Irwin McGraw-Hill.Lecture notes.

The required readings may change.

Prerequisites:
Mathematics on the level of MATH100.
Recommended prerequisites:
Microeconomics on the level of ECN210/ECN212 and other courses in economics.
Assessment:
Permitted tools on exam: Textbooks published by publishing houses. Lecture notes from Classfonter or other private notes are NOT allowed.
Nominal workload:
150 hours. About 25 hours will be used for lectures and about 25 hours will be used for exercises. The remaining unstructured time should be allocated to reading the textbook and lecture material and solving problems.
Entrance requirements:
Minimum requirements for entrance to higher education in Norway (generell studiekompetanse)
Reduction of credits:

There are the following reductions:

  • MATH111, 1 ECTS
  • MATH112, 1 ECTS
  • MATH130, 2 ECTS
Type of course:
There are four hours of lectures and exercises per day. About half the time will be allocated to lectures and the remaining time will be allocated to exercises.
Examiner:
External examiner will control the quality of syllabus, questions for the final examination, and principles for the assessment of the examination answers.
Allowed examination aids: Calculator handed out, other aids as specified
Examination details: One written exam: Bestått / Ikke bestått