Quantitative Techniques

Published on Economics (https://www.economics.iisuniv.ac.in)

Quantitative Techniques [1]

Paper Code:

ECO 302

Credits:

Contact Hours:

45.00

Objective:

1. To introduce the basic concepts of mathematics;
2. To apply mathematics as a tool to study economics

7.00

Unit I:

Basic Concepts

Exponents;
Linear Equations – slopes, intercepts & slope-intercept form;
Solving the Equations- Linear and Quadratic ;
Solving the system of Equations -Elimination and Substitution methods (Up to 3 variables).

10.00

Unit II:

Differential Calculus

Simple Differentiation involving – constant function rule, power function rule, rule of sum and differences, product rule, quotient rule, chain rule;
Higher Order Derivatives.

10.00

Unit III:

Application of Differential Calculus

Relationship between Total, Marginal & Average functions;
Increasing and Decreasing functions;
Optimizing economic functions.

9.00

Unit IV:

Matrix Algebra I

Types of Matrices;
Operations on Matrices;
Determinants(up to third order matrix);
Properties of Determinants;

9.00

Unit V:

Matrix Algebra II

Solving linear equations by determinants-Cramer’s rule.
Minors and cofactors;
Adjoint and Inverse of Matrix;
Solving linear equations with an inverse matrix.

Essential Readings:

1. Dowling,E.T.(1993), Schaum’s Outline of Theory and Problems of Mathematical Methods for Business And Economics, McGraw Hill.
2. Mehta, B.C., and G.M.K. Madnani, Mathematics for Economists, Sultan Chand & Sons, New Delhi.

References:

1. Chiang,A.C. (1986), Fundamental Methods of Mathematical Economics (3 rd Edition),McGraw Hill, New Delhi

Academic Session:

2018-19 [2]

Source URL: https://www.economics.iisuniv.ac.in/courses/subjects/quantitative-techniques

Links:
[1] https://www.economics.iisuniv.ac.in/courses/subjects/quantitative-techniques
[2] https://www.economics.iisuniv.ac.in/academic-session/2018-19

Quantitative Techniques [1]

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