EC251-5-SP-CO:
Mathematical Methods in Economics

The details
2023/24
Economics
Colchester Campus
Spring
Undergraduate: Level 5
Current
Monday 15 January 2024
Friday 22 March 2024
15
16 August 2023

 

Requisites for this module
EC115 or BE300 or IA156 or MA101
(none)
(none)
(none)

 

EC351

Key module for

BSC 0E45 Economics (Including Placement Year),
BSC L101 Economics,
BSC L101SK Economics,
BSC L103 Economics (Including Foundation Year),
BSC L107 Economics (Including Year Abroad),
MECNL130 Economics,
MECNLA30 Economics (Including Placement Year),
MECNLA31 Economics (Including Year Abroad),
BSC 0Q64 Financial Economics (Including Placement Year),
BSC L114 Financial Economics,
BSC L117 Financial Economics (Including Foundation Year),
BSC L194 Financial Economics (Including Year Abroad),
MECNL131 Financial Economics,
MECNLB31 Financial Economics (Including Placement Year),
MECNLB32 Financial Economics (Including Year Abroad),
BSC 5H18 International Economics (Including Placement Year),
BSC L116 International Economics,
BSC L161 International Economics (Including Foundation Year),
BSC L162 International Economics (Including Year Abroad),
MECNL132 International Economics,
MECNLC32 International Economics (Including Placement Year),
MECNLC33 International Economics (Including Year Abroad),
BSC 5M00 Management Economics (Including Placement Year),
BSC L109 Management Economics,
BSC L191 Management Economics (Including Foundation Year),
BSC L193 Management Economics (Including Year Abroad),
MECNL133 Management Economics,
MECNL134 Management Economics (Including Placement Year),
MECNL135 Management Economics (Including Year Abroad),
BSC LG01 Economics with Data Science,
BSC LG02 Economics with Data Science (Including Year Abroad),
BSC LG03 Economics with Data Science (Including Placement Year),
BSC LG04 Economics with Data Science (Including Foundation Year),
BSC C148 Economics with Psychology,
BSC C149 Economics with Psychology (Including Foundation Year),
BSC C158 Economics with Psychology (Including Year Abroad),
BSC C168 Economics with Psychology (Including Placement Year)

Module description

Most economic problems involve choice under scarcity, a phenomenon which lends itself naturally to mathematical formulation. This module is an introduction to the mathematical methods most commonly used when analysing such problems.


The methods include: optimisation with one or several variables; matrix algebra and the solution of systems of equations; integral calculus; comparative statics; constrained optimisation. The emphasis is on the expression of economic ideas and reasoning in simple mathematical language.

Module aims

The aims of this module are:



  • To provide students with additional mathematical tools, enabling them to analyse a larger, richer, and more interesting set of economic models.

  • Following a review and extension of the optimization techniques studied in EC115, to focus on methods for studying further calculus and linear algebra techniques applied to economics.

Module learning outcomes

By the end of this module, students will be expected to be able to:



  1. Possess the mathematical tools required to understand simple economic models and the facility with the mathematical language necessary to read modern literature in economics.

  2. Demonstrate the ability to formulate and solve simple economic problems using appropriate mathematical techniques.

Module information

No additional information available.

Learning and teaching methods

The module will be delivered via:

  • Two lectures per week
  • One class per week

In one term.

Bibliography

The above list is indicative of the essential reading for the course.
The library makes provision for all reading list items, with digital provision where possible, and these resources are shared between students.
Further reading can be obtained from this module's reading list.

Assessment items, weightings and deadlines

Coursework / exam Description Deadline Coursework weighting
Coursework   Mid-term Test via FASER    100% 
Exam  Main exam: In-Person, Open Book, 120 minutes during Summer (Main Period) 
Exam  Reassessment Main exam: In-Person, Open Book, 120 minutes during January 
Exam  Reassessment Main exam: In-Person, Open Book, 120 minutes during September (Reassessment Period) 

Exam format definitions

  • Remote, open book: Your exam will take place remotely via an online learning platform. You may refer to any physical or electronic materials during the exam.
  • In-person, open book: Your exam will take place on campus under invigilation. You may refer to any physical materials such as paper study notes or a textbook during the exam. Electronic devices may not be used in the exam.
  • In-person, open book (restricted): The exam will take place on campus under invigilation. You may refer only to specific physical materials such as a named textbook during the exam. Permitted materials will be specified by your department. Electronic devices may not be used in the exam.
  • In-person, closed book: The exam will take place on campus under invigilation. You may not refer to any physical materials or electronic devices during the exam. There may be times when a paper dictionary, for example, may be permitted in an otherwise closed book exam. Any exceptions will be specified by your department.

Your department will provide further guidance before your exams.

Overall assessment

Whichever is the Greater: EITHER 50 per cent Coursework Mark, 50 per cent Exam Mark OR 100 per cent Exam Mark IF Coursework Mark is a pass or better

Reassessment

Whichever is the Greater: EITHER 50 per cent Coursework Mark, 50 per cent Exam Mark OR 100 per cent Exam Mark IF Coursework Mark is a pass or better

Module supervisor and teaching staff
Dr Tianxi Wang, email: wangt@essex.ac.uk.
Lectures: Dr Tianxi Wang. Classses: Various teachers
For further information, send an email message to ueco@essex.ac.uk.

 

Availability
Yes
Yes
No

External examiner

Dr Giancarlo Ianulardo
University of Exeter Business School
Lecturer in Economics
Resources
Available via Moodle
Of 43 hours, 39 (90.7%) hours available to students:
2 hours not recorded due to service coverage or fault;
2 hours not recorded due to opt-out by lecturer(s), module, or event type.

 

Further information
Economics

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