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Quantitative Techniques [1]

Paper Code: 
ECO 302
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
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 Outlines, 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: 
2017-18 [2]

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Links:
[1] https://www.economics.iisuniv.ac.in/courses/subjects/quantitative-techniques-0
[2] https://www.economics.iisuniv.ac.in/academic-session/2017-18