The course is designed to enable the students to use mathematical tools in clarifying their economic concepts and solving problems. This is because economic analysis requires extensive use of mathematics in the present day world of complexity. Mere logical reasoning and diagrammatic approach is perhaps not sufficient. This is true for positive economics in particular. As such, the students of economics have to learn and apply mathematics alongside their theoretical underpinnings.

Recommended Books

1. Chiang, A. C., Fundamental Methods of Mathematical Economics, McGraw Hills, (latest Edition).
2. Baumol W.J., Economic Dynamics, Macmillan, (latest edition).
3. Budnick, Frank, Applied Mathematics for Business, Economics and Social Sciences.
4. Dowling E.T., Mathematics for economists, Schum Series (latest edition).
5. Weber E. Jean, Mathematical Analysis, Business and Economic Applications (latest Edition) Harper and Row Publishers, New York.

Course Pre-requisites:

Basic Mathematics & Economics

Learning Outcomes:

Students will be able to learn after completion of this course:

• Develop analytical skills to solve system of equations and their application in the market and national income models.
• Understand matrix algebra and its application in economics.
• Understand the concept of derivatives and its application in economics to find marginal revenues, cost, utility etc.
• Application of optimization.

Class Timings: Monday & Tuesday (11.00 am to 12.30 pm)

Evaluation Criteria:

Mid Term Exam                                  30 Marks

Final Term Exam                                 50 Marks

Sessional Mark                                    20 Marks

Please note that sessional marks will be distributed as:

Attendance                                         05 Marks

Assignments                                       10 Marks

Class Participation                              05 Marks