ECB2102 Mathematical Economics

Almost for as long as economics has existed as a subject of study, mathematics has played a part in both the exploration and exposition of economic ideas. It is not simply that many economic concepts are quantifiable but also that mathematics enables us to explore relationships among these quantities. These relationships are explored in the context of economic models and how such models are developed is one of the key themes of this course. Mathematics possesses the accuracy, the rigor and the capacity to deal with complex systems which makes it highly valuable as a method for analyzing economic issues. This course covers a wide range of mathematical techniques and outlines a large number of economic problems to which these techniques may be applied. However, mathematical modeling in economics has some unifying features and conventions that this course articulately specifies at the outset. Although model details are problem – specific, there are some basic principles in the modeling process that are worth spelling out. 

Course Objectives
As continuation of the first-year introductory mathematical economics, this course is intended for advanced:

• Analysis of univariate and multivariate calculus and optimization economic problems   
• Use of integral calculus optimization and optimal control while conduction economic dynamic analysis
• Application of mathematic principles, tools and methodologies in developing economic models    

Course Learning Outcomes
After going through the topics outlined below in the course content, students should be able to; 

• Define sets and their application as the basis of developing all other mathematical propositions 
• Derive the derivation expression of a univariate and multivariate function of optimization 
• Appreciate the use of linear and matrix algebra in data manipulation 
• Demonstrate the application of integral calculus in dynamic economic models
• Specify the various boundary condition and terminal – time problems in economic analysis 
• Explain the adoption of optimal control on dynamic model  
• Demonstrate skills of developing mathematic models based on observable economic conditions.