FACULTY OF BUSINESS

Department of Economics

ECON 213 | Course Introduction and Application Information

Course Name
Mathematical Economics I
Code
Semester
Theory
(hour/week)
Application/Lab
(hour/week)
Local Credits
ECTS
ECON 213
Fall/Spring
3
0
3
5

Prerequisites
None
Course Language
English
Course Type
Service Course
Course Level
First Cycle
Mode of Delivery -
Teaching Methods and Techniques of the Course -
Course Coordinator -
Course Lecturer(s)
Assistant(s) -
Course Objectives The main aim of this course is to introduce fundamental mathematical tools utilized in the mathematical approach to economic analysis. The course aims to relate these mathematical tools to various types of economics problems. In particular, the emphasis will be on static analysis, comparative static analysis and optimization problems.
Learning Outcomes The students who succeeded in this course;
  • Will be able to use basic and fundamental mathematical tools.
  • Will be able to describe an economic model mathematically.
  • Will be able to solve a system of equations both by substitution and linear algebra methods.
  • Will be able to analyze input output economics by using matrix algebra.
  • Will be able to conduct comparative static analysis
  • Will be able to solve optimization problems.
Course Description This course will extensively use algebra and basic calculus. The course focuses mainly on the following; static analysis, linear models and matrix algebra, comparative static models, optimization problems with equality constraints.

 



Course Category

Core Courses
Major Area Courses
X
Supportive Courses
Media and Management Skills Courses
Transferable Skill Courses

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Related Preparation
1 The Nature of Mathematical Economics Chiang Chapter 1
2 Economic Models and Equilibrium Analysis in Economics Chiang Chapters 2, 3
3 Linear Models and Matrix Algebra Chiang Chapter 4
4 Linear Models and Matrix Algebra Chiang Chapter 5
5 Linear Models and Matrix Algebra Chiang Chapter 5
6 Matrix Algebra Application to Economic systems Chiang Chapter 5
7 Midterm Exam 1
8 Rules of Differentiation and Their Use in Comparative Statics Chiang Chapter 7
9 Comparative Static Analysis of General Function Models Chiang Chapter 8
10 Optimization: A Special Variety of Equilibrium Analysis Chiang Chapter 9
11 Midterm Exam II
12 The Case of More Than One Choice Variable Chiang Chapter 11
13 Optimization with Equality Constraints Chiang Chapter 12
14 Optimization with Equality Constraints Chiang Chapter 12
15 Review of the Semester  
16 Review of the Semester  

 

Course Notes/Textbooks Chiang, A.C. (2005), ‘Fundemantal Methods of Mathematical Analysis, McGrawHill.
Suggested Readings/Materials

 

EVALUATION SYSTEM

Semester Activities Number Weigthing
Participation
1
5
Laboratory / Application
Field Work
Quizzes / Studio Critiques
Portfolio
Homework / Assignments
1
25
Presentation / Jury
Project
Seminar / Workshop
Oral Exams
Midterm
1
30
Final Exam
1
40
Total

Weighting of Semester Activities on the Final Grade
1
60
Weighting of End-of-Semester Activities on the Final Grade
3
40
Total

ECTS / WORKLOAD TABLE

Semester Activities Number Duration (Hours) Workload
Theoretical Course Hours
(Including exam week: 16 x total hours)
16
3
48
Laboratory / Application Hours
(Including exam week: '.16.' x total hours)
16
0
Study Hours Out of Class
16
2
32
Field Work
0
Quizzes / Studio Critiques
0
Portfolio
0
Homework / Assignments
1
20
20
Presentation / Jury
0
Project
0
Seminar / Workshop
0
Oral Exam
0
Midterms
1
20
20
Final Exam
1
30
30
    Total
150

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
Program Competencies/Outcomes
* Contribution Level
1
2
3
4
5
1

To be able to acquire a sound knowledge of fundamental concepts, theories, principles and methods of investigation specific to the economic field.

X
2

To be able to apply adequate mathematical, econometric, statistical and data analysis models to process economic data and to implement scientific research for development of economic policies.

3

To be able to participate in academic, professional, regional, and global networks and to utilize these networks efficiently.

4

To be able to have adequate social responsibility with regards to the needs of the society and to organize the activities to influence social dynamics in line with social goals.

5

To be able to integrate the knowledge and training acquired during the university education with personal education and produce a synthesis of knowledge one requires.

6

To be able to evaluate his/her advance level educational needs and do necessary planning to fulfill those needs through the acquired capability to think analytically and critically.

7

To be able to acquire necessary skills to integrate social dynamics into economic process both as an input and an output.

8

To be able to link accumulated knowledge acquired during the university education with historical and cultural qualities of the society and be able to convey it to different strata of society.

X
9

To be able to take the responsibility as an individual and as a team member.

10

To be able to attain social, scientific and ethical values at the data collection, interpretation and dissemination stages of economic analysis.

X
11

To be able to collect data in economics and communicate with colleagues in a foreign language ("European Language Portfolio Global Scale", Level B1)

12

To be able to speak a second foreign at a medium level of fluency efficiently.

13

To be able to relate the knowledge accumulated throughout human history to their field of economics.

*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest

 


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