Course code ECN302

ECN302 Mathematics for Economists

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Showing course contents for the educational year 2022 - 2023 .

Course responsible: Kyrre Rickertsen
ECTS credits: 5
Faculty: School of Economics and Business
Teaching language: EN
(NO=norsk, EN=Engelsk)
Teaching exam periods:
This course starts in August block. This course has teaching/evaluation in August block.
Course frequency: Annually
First time: Study year 2007-2008
Preferential right:
Master in Applied Economics and Sustainability and Master in Business Administration.
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 constrained optimization (Lagrange), inequality constrained optimization (Kuhn-Tucker), implicit function theorem, and envelope theorem.
Learning outcome:

Through working in groups or working independently students should obtain:

Knowledge of 

- 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

Skills that enable the student to

- Formulate and solve economic problems

- Work independently with economic problems

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

General competence

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:
Teaching on campus without streaming. The course consists of lectures, exercises, and studies of the textbook. There is one lecture and one exercise every day. The answers to these exercises must be submitted in 3 problem sets (one each week). Students are encouraged to work in groups but must submit individual solutions to the problem sets.
Teaching support:
There are 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 Macroeconomics II - Models and Policy.
Assessment:
Portfolio assessment with pass/fail grade: Three problem sets have to be submitted within the deadline for the set. Each of the three problem sets has to be graded with a pass grade to pass the course. Individual answers have to be submitted to each set. No re-examination.
Nominal workload:
125 hours
Entrance requirements:
Minimum requirements for entrance to higher education in Norway (generell studiekompetanse)
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 problem sets.
Examination details: Portfolio: Passed / Not Passed