Mathematical Methods for Economics I

Mathematical Methods for Economics I

Unit – I

Basic Concepts: Sets and set operations; Relations and Functions; Types of Functions: quadratic, polynomial, power, exponential, logarithmic, convex, quasi-convex and concave functions; Graphs of functions of one real variable; Equations; Identities; Equilibrium condition; System of Simultaneous Linear Equations; The Straight line and its slope.

Unit – II

Differential Calculus: Limit and Continuity of a function; Differentiation: Meaning, Rules of Differentiation, Partial and Total differentiation; Second and higher order derivatives for single variables; Applications of Differential Calculus: Derivation of marginal functions from total functions; Inter-relationships among total, marginal and average costs and revenues; Elasticity.


Unit – III

Single-variable Optimization: Maxima and minima: concept, geometric characterizations, solution using calculus; Equilibrium of a firm: Revenue maximisation and cost minimisation.


Unit – IV

Integration: Concept; Rules of integration; Methods of integration: Integration by substitution, Integration by parts and Integration by partial fractions; Derivation of total functions from marginal functions, Definite integral: Consumer’s and producer’s surplus.

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