MAT 350 Mathematical Methods of Economics

Syllabus Spring 2005

 

 

 

Instructor:         André Wehner, Olin 111, Ph. 238-5919, e-mail wehner@centre.edu,

                        Office Hours: M-Th: 4-7, or by appointment.

                        Study sessions as needed.

 

Class Time:       9:10-10:10 M-W-F, Olin 107

 

Text:                 Introductory Mathematical Economics, 2nd edition, D. Wade Hands

               

Grading:           3 tests @ 10% each = 30%

Final 25%

10 quizzes @ 2% each = 20%

Homework 25%

Tentative grading scale: 90 = A-, 80 = B-, 70 = C-, 60 = D

 

 

Course Description

 

This course is meant to familiarize you with the basic mathematical techniques and models used in economics. As far as possible we will try to introduce these techniques within the context of specific economic, finance, and business applications. The applications focus on the use of marginal analysis, comparative statics, and constraint optimization. Among the concepts discussed are elasticities, isoquants, Cobb-Douglas functions, the IS-LM macroeconomic model, the Solow growth model, and Leontief input-output systems. The prerequisites for this class are Calculus I (MAT 140/170) and Microeconomic Analysis (ECO 220). Please be aware that not everybody in this class has an economics background. This class is a mathematics course. We will cover selected topics from the following math classes, all of which are regularly taught at Centre College: Calculus I-III, Linear Algebra, and Differential Equations. Those of you who have already taken one or more of these classes will see certain material again, cast into a different language and framework. We will not discuss statistical applications such as regression analysis and inferential notions, since these are treated in separate classes, Statistics (MAT 130) and Econometrics (ECO 390). The course includes an introduction to the computer algebra system Maple which can symbolically manipulate mathematical expressions. I will pass out Maple worksheets from time to time. Maple is available in our classroom and in the labs listed here.

 

I expect you to be prepared for class and to participate in class every day – being prepared means at the very least doing your homework, reading the assignment, and looking over notes from previous classes.  Please let me know in advance if you must be absent for a scheduled college activity. Three unexcused absences will result in a lowering of the grade. It is your responsibility to make use of the resources available to help you do well in this course.  I encourage you to visit me in my office, attend the study sessions, read material in advance, and form study groups with other students in the class. Ultimately, your grade will depend on the amount of study time and effort you put in on this course – it is not likely that you will do well if you do no more than show up for classes and cram for the tests.  The course requires scheduled time each night for homework and study – if you don’t do a few calculus problems each day, then you may not be doing enough.  On the other hand, working consistently each day on problems, successfully finding their solutions, is a formula for success in this and any math course.

 

Assigned homework is listed below and will be collected on quiz and test days. It will be spot-checked and scored based on the following scheme: 1 point if you attempt a problem, 2 points if you provide a complete solution (not just the answer from the back of the book), and 0 for not doing a problem. Late homework will not be accepted (of course, exceptions can be made for emergencies).

 

The quizzes (10 minutes), tests (1 hour), and the final (3 hours) will closely mirror the assigned homework problems. They are “closed everything.” On some of them, calculators/Maple will be allowed. The quizzes will be given at the beginning of class. If you are late, you will not be given extra time. If you have to miss class for a valid reason (proof required!), you will be allowed to make up a quiz or test. If you know in advance you will have to miss a test or quiz, you should make arrangements to take it early. The solutions you present in the quizzes and tests must be complete, coherent, and well-organized. You must show all work for full credit. Expect to be graded on a 90-80-70 scale, depending on the class average.

 

In cooperation with the disability resource center, reasonable accommodation will be provided for students with disabilities. Please meet the instructor during the first week of class to make suitable arrangements.

 

This syllabus can be found at http://web.centre.edu/wehner/courses/m350s05.htm .

 

Schedule

 

Day

Chapter Covered

Homework

 

 

 

2/2

0

 

2/4

0

 

2/7

0

Maple Handout

2/9

Quiz 1 (Ch. 0); 1

 

2/11

1

 

2/14

1

Ch. 1: 2, 3, 4, 8, 10, 14, 15, 17, 19, 20, 25

2/16

Quiz 2 (Ch. 1); 2

 

2/18

2

 

2/21

2

 

2/23

Quiz 3 (Ch. 2); Review

Ch. 2: 1, 2, 3, 5, 7, 11, 15, 16

2/25

Test 1

 

2/28

3

 

3/2

3

 

3/4

3

 

3/7

Quiz 4 (Ch. 3); 4

Ch. 3:

3/9

4

 

3/11

4

 

3/14

Quiz 5 (Ch. 4); 5

Ch. 4:

3/16

5

 

3/18

Quiz 6 (Ch. 5); 5

 

3/28

Review

Ch. 5:

3/30

Test 2

 

4/1

6

 

4/4

6

 

4/6

6

 

4/8

Quiz 7 (Ch. 6); 7

Ch. 6:

4/11

7

 

4/13

7

 

4/15

7

 

4/18

Quiz 8 (Ch. 7); 8

Ch. 7:

4/20

8

 

4/22

8

 

4/25

8

 

4/27

Quiz 9 (Ch.8); Review

Ch. 8:

4/29

Test 3

 

5/2

9

 

5/4

9

 

5/6

9

 

5/9

Quiz 10 (Ch. 9); Review

Ch. 9:

 

 

 

5/16

8:30 Final (comprehensive)