Preamble / Objectives (Optional):
This is a basic course on application of mathematical techniques in economics. The course will help
students explore the subject of economics through mathematical techniques. Several economics topics will
be introduced to the students in the course.
Course Content/ Syllabus:
Review of real number system, logic, mathematical proof; Sets and set operations; Functions of one
variable, consumption function, cost function; Differentiation, marginal cost, marginal utility, different kinds
of elasticities; Sequence and series, limits, convergence, present discounted value and investment
decision, applications in ecology; Single variable optimization: convex and concave functions, profit
maximization, cost minimization, inter-temporal utility maximization; Integration: area under curves,
indefinite and definite integrals, extraction from oil well, income distribution; Difference equations: first and
higher order difference equation, dynamic stability of equilibrium, Cobweb model.
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. K Sydsaeter and P Hammond: Mathematics for Economics Analysis, 1st edition, Pearson Education India, 2002.
2. A C Chiang: Fundamental Methods of Mathematical Economics, 3rd Edition, McGrawHill, 1984.
3. C P Simon and L Blume: Mathematics for Economists, 1st edition, Viva Books, 2018.
References: (Format: Authors, Book Title in Italics font, Volume/Series, Edition Number, Publisher, Year.)
