Module Overview 2020-21

BEE1024 - Mathematics for Economists Giancarlo Ianulardo
Department of Economics
Course Outline 2020-21 Term 1 University of Exeter
1 WELCOME!
to these lectures and good luck in your studies!
Lecturer:
Giancarlo Ianulardo (Module Coordinator)

O¢ ce SC 0.75
Tel. (72)6284
e-mail: g.ianulardo@exeter.ac.uk
O¢ ce hours: TBC
2 The rules of the game

lectures: asynchronous
– Recorded and Posted on ELE week by week
tutorials (classes), one hour: these are held weekly.

Do you know your tutorial group? This will be allocated in week 1 and
tutorials start in week 1. Please check your personal timetable.
Make sure to obtain tutorial exercises and the solution set (dis-
tributed at the end of each tutorial).
homework: distributed in tutorial, to be completed weekly and solu-

tions will be made available.
Assessment:
1. Mid-term Assessment: 40 minutes (closed book). It is worth 30%

2. Final Exam: 90 minutes exam. It is worth 70%
Most materials will be made available on ELE

You do not need to buy a textbook for this module; however if you
wish to supplement the course materials and/or do additional prac-
tice questions then I recommend the following textbooks: Geo¤ Ren-
shaw ’Maths for Economics’(4th edit) Oxford, 2016 (comprehensive
but also straightforward); Knut Sydsaeter and Peter Hammond ’Essen-
tial Mathematics for Economic Analysis’* (5th edit) Prentice Hall,2016
(this is an excellent text, well written and covers all the maths you need
throughout UG courses), this is available online at the Library; an-
other to consider is Ian Jacques ’Mathematics for Economics and Busi-
ness’(9th edit), Prentice Hall 2018 (Very accessible and clearly written
but lower level). All are available in the library (if you want to take a
look …rst).
However the materials for this course are very comprehensive (plus
websites see below) so it is not necessary to buy a textbook.
Websites
– There are companion websites to all the textbooks.

– There is a huge range of self-study resources etc (including links to
a range of topics relevant to Economics) at www.mathcentre.ac.uk
– An excellent source of material can be found at: https://tutorial.math.lamar.edu/
– The METAL project (Mathematics for Economics: enhancing
Teaching and Learning) have produced videos, guides and question
banks http://www.metalproject.co.uk/
3 Objective of the module

I do not intend to teach you stu¤ you don’t need for your second
and third year!!! This is a course on mathematical economics.
Your incentive to do well in this module are, beyond (!) just passing it:
Being free in your choice of modules in the second and third year
Not getting distracted by the mathematics, but being able to concen-

trate on the economic content of the lectures in the second and third
year
2
Why maths?
1. Numbers occasionally occur in economics
2. Alfred Marshall and the Principles of Economics (economic problem !

build mathematical model ! solve model ! if results make economic
sense, explain them verbally and throw model away, otherwise throw
model away.)
3. The real world is just too complicated. We need simple and highly
stylized models to clarify our thinking about the real phenomena and
to develop intuitions. Using mathematical models (joint with empirical
research) is by far the best method to understand the real world.
4. Use of mathematical models in the social sciences: design of legal sys-

tems, pros and cons of voting systems, moral philosophy, disarmament,
learning, cognitive psychology...
5. When using a mathematical model in contrast to making a verbal ar-

gument you may easily fool yourself, but it is hard to fool others. You
cannot hide your assumptions in an argument or change them along
the way.
6. homo oeconomicus and constrained optimization (a major subject of

this module)
4 Syllabus
Week 1: Multivariate Functions I
Functions in 2 variables, level curves, partial derivatives
Week 2: Multivariate Functions II

Partial di¤erentiation II, Elasticities, applications
Week 3: Optimisation I
Unconstrained optimisation, simultaneous equations, tangent plane, to-
tal di¤erential
3
Week 4: Optimisation II
Constrained optimisation, Lagrangian approach,
Week 5: Optimisation III

Lagrangian, 2nd order conditions, Hessian Matrix
Week 6: Integration
Inde…nite/de…nite, by substitution, by parts, consumer/producer sur-
plus
Week 7: Exponential/Logarithmic functions

Local vs global maximum/minimum, exponential and logarithmic func-
tions
Week 8: Linear Algebra I

Vectors, matrices, basic operations, solving simultaneous equations,
Cramers Rule, inverse matices
Week 9: Linear Algebra II

Determinants, co-factors, minors
Week 10: Revision (We may cover some further linear Algebra)
Week 11: Revision (We may revise some questions from past exam
papers)

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BEE1024 - Mathematics for Economists Giancarlo Ianulardo

Giancarlo Ianulardo (Module Coordinator)

2 The rules of the game

– Recorded and Posted on ELE week by week

tutorials (classes), one hour: these are held weekly.

homework: distributed in tutorial, to be completed weekly and solu-

1. Mid-term Assessment: 40 minutes (closed book). It is worth 30%

Most materials will be made available on ELE

– There are companion websites to all the textbooks.

3 Objective of the module

Not getting distracted by the mathematics, but being able to concen-

1. Numbers occasionally occur in economics

2. Alfred Marshall and the Principles of Economics (economic problem !

4. Use of mathematical models in the social sciences: design of legal sys-

5. When using a mathematical model in contrast to making a verbal ar-

6. homo oeconomicus and constrained optimization (a major subject of

Week 2: Multivariate Functions II

Week 5: Optimisation III

Week 7: Exponential/Logarithmic functions

Week 8: Linear Algebra I

Week 9: Linear Algebra II

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