# ECN302 Mathematics for Economists

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#### Showing course contents for the educational year starting in **2020 **.

Course responsible: Kyrre Rickertsen

ECTS credits: 5

Faculty: School of Economics and Business

Teaching language: EN

(NO=norsk, EN=Engelsk)

(NO=norsk, EN=Engelsk)

Limits of class size:

Maxium 30 students in August 2020.

Teaching exam periods:

The course has teaching/evaluation in the August block.

Course frequency: Annually

First time: 2007H

Preferential right:

Master students in Economics.

Course contents:

The course covers mathematical tools that are assumed to be known and used in courses such as, for example, ECN311 (Microeconomics) and ECN301 (Econometrics). The course is a compulsory 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:

- Basic matrix algebra

- Calculus of one and several variables

- Concavity and quasiconcavity

- Unconstrained optimization

- Optimization with equality and inequality constraints

- Implicit function theorem

- Envelope theorem

- Formulate and solve economic problems

- Work independently with economic problems

- Solve problems that are relevant in economics, for example, optimization and comparative statics problems

The student should learn tools and obtain analytical skills that are needed in more advanced courses in, for example, microeconomics and econometrics. Students are encouraged to work in groups.

Learning activities:

The course consists of lectures, exercises and studies of the textbook. There is one lecture and one exercise each day, amounting to 13 in total. Groups are not formalized as some students choose to work independently. Students are encouraged to work in groups.

Teaching support:

There will be exercises with teaching assistant(s).

Syllabus:

Parts of Alpha C. Chiang and Kevin Wainwrigth (2005) Fundamental Methods of Mathematical Economics, McGraw Hill International edition.Lecture notes.

The required readings may change.

Prerequisites:

Mathematics on the level of MATH100 (Introductory Mathematics) or ECN102 (Introduction to Mathematics for Economists).

Recommended prerequisites:

Microeconomics on the level of ECN210 (Intermediate Microeconomics- Consumers, Producers, Market and Welfare), ECN211 (Intermediate Microeconomics - Institutions, Games and Market Failures), and ECN222 Macoreconomics II).

Mandatory activity:

The exercises are intended to help the student to write the exam. The exercises are not required to receive a pass.

Assessment:

Three problem sets must be completed within the deadline for each set and graded as passed to pass this course.

Nominal workload:

150 hours.

Entrance requirements:

Entrance to this course in StudentWeb requires admission to the master program in Economics. Students from other study programmes can send an application to the advisors at the School of Economics and Business (studieveileder-hh@nmbu.no) for admission to the course.

Maximum number of students: 30.

Reduction of credits:

MATH111 Calculus 1 -1 ECTS

MATH112 Calculus 2 -1 ECTS

MATH113 Linear Algebra and Linear Differential Equations -2 ECTS

MATH131 Linear Algebra -2 ECTS

Type of course:

There are four hours of lectures and exercises each day. About half the time will be allocated to lectures and the remaining time will be allocated to exercises.

Note:

The course is in English. Incoming students can contact student advisors at the School of Economics and Business (studieveileder-hh@nmbu.no) for admission to the course.

Examiner:

External examiner will control the quality of syllabus and principles for the assessment of the examination answers.

Allowed examination aids: B2 Calculator handed out, other aids as specified

Examination details: One written exam: Passed / Failed