Preamble / Objectives (Optional): This is a course on application of mathematical techniques in economics. This is an advanced course on mathematical economics. This course will help students explore the subject of economics through mathematical techniques.
Course Content/ Syllabus: Differential equations: first order equations, integral curves, separable equations, equations with and without constant coefficients, qualitative-graphic analysis and stability, phase diagrams, price behaviour over time, Solow growth model, second order equations and inflation-unemployment interaction; Linear algebra: vector spaces, matrix operations, properties of solutions sets, determinants; Functions of several variables: graphs and level curves, partial derivatives and tangent planes, chain rule, comparative statics analysis, elasticity of substitution, homogenous functions and Euler theorem; Multivariable optimisation: extreme value theorem, convex sets, convex and quasi-convex functions, first and second derivative tests, profit maximisation; Equality constraint and Langrangean method: utility maximisation, cost minimisation, inequality constraints and Kuhn-Tucker conditions. Books (In case UG compulsory courses, please give it as “Text books” and “Reference books”. Otherwise give it as “References”.
Texts: (Format: Authors, Book Title in Italics font, Volume/Series, Edition Number, Publisher, Year.)
1. A C Chiang: Fundamental Methods of Mathematical Economics, 3 rd Edition, McGrawHill, 1984.
2. K Sydsaeter and P Hammond: Mathematics for Economics Analysis, Pearson Education India, 2002.
3. K Sydsaeter P Hammond and A Strom: Essential Mathematics for Economics Analysis, 4th edition, Prentice Hall, 2012.
References: (Format: Authors, Book Title in Italics font, Volume/Series, Edition Number, Publisher, Year.)
1. C P Simon and L Blume: Mathematics for Economists, Viva Books, 2018.
