Module: Mathematics for Economics and Business

Module Specifications..

Current Academic Year 2023 - 2024

Please note that this information is subject to change.

Module Title	Mathematics for Economics and Business
Module Code	MS136
School	School of Mathematical Sciences
Module Co-ordinator	Semester 1: Thorsten Neuschel Semester 2: Thorsten Neuschel Autumn: Thorsten Neuschel
Module Teachers	Brien Nolan Thorsten Neuschel
NFQ level	8	Credit Rating	5
Pre-requisite	None
Co-requisite	None
Compatibles	None
Incompatibles	None

None
Array

Description

The principal aim of this module is to equip students with the skills required to analyse and interpret economic and business situations under conditions of change in a rigorous quantitative manner. This involves primarily the study of calculus (the mathematics of change) and its applications to the construction and analysis of mathematical models of economic and business phenomena.

Learning Outcomes

1. Construct and apply mathematical models of problems in economics, business and finance using elementary mathematical functions;
2. Construct and interpret graphs of economic functions for specific classes of mathematical functions, using differential calculus when required;
3. Interpret and apply derivatives, including partial derivatives, of economic functions (marginal functions), especially in optimization problems;
4. Interpret and apply the compound interest formula to solve problems in mathematical finance.
5. Complete mathematical tasks (including in an online environment) relating to the mathematical knowledge and skills required in this module.

*Type*	*Hours*	*Description*
Workload	Full-time hours per semester
Online activity	20	Online content and formative assessments on theory and applications of mathematics in economics and business.
Lecture	10	Live face-to-face lecture
Tutorial	10	Live online tutorial.
Independent Study	85	No Description
Total Workload: 125

All module information is indicative and subject to change. For further information,students are advised to refer to the University's Marks and Standards and Programme Specific Regulations at: http://www.dcu.ie/registry/examinations/index.shtml

Indicative Content and Learning Activities

Functions and their graphs.
Mathematical functions and their graphical representation. Interpretation of graphs. Linear and quadratic functions. Simultaneous linear equations. Economic applications: supply and demand; revenue, cost profit; production functions; national economy models.

Derivatives.
Slopes of lines, curves and the definition of the derivative. Marginal functions and their applications. Methods of differentiation. Drawing graphs using the derivative. Elasticity.

Optimisation.
Solving max/min problems using the derivative. First and second derivative tests for extreme values.

The time value of money.
Percentages. The compound interest formula. Discounting and investment appraisal – net present value and yield.

Partial derivatives.
Economic models involving functions of several variables. Partial derivatives. Utility functions, isoquants and indifference curves.

Assessment Breakdown
Continuous Assessment	40%	Examination Weight	60%

Type	Description	% of total	Assessment Date
Course Work Breakdown
Short Answer Questions	Online quiz.	10%	Week 3
Short Answer Questions	Online quiz.	10%	Week 6
Short Answer Questions	Online quiz.	10%	Week 9
Written Exam	End-of-Semester Final Examination	60%	Week 11
Loop Quiz	Weekly online quiz	10%	Every Week

Reassessment Requirement Type
Resit arrangements are explained by the following categories; 1 = A resit is available for all components of the module 2 = No resit is available for 100% continuous assessment module 3 = No resit is available for the continuous assessment component
This module is category 1

Indicative Reading List

Ian Jacques: 0, Mathematics for Economics and Business, 2nd - 8th, Addison-Wesley/Prentice Hall,
Anthony Croft and Robert Davison: 2008, Foundation Mathematics, Addison-Wesley,

Other Resources

55433, Drop-in centre, 0, DCU Maths Learning Centre, http://www.dcu.ie/maths/mlc/index.shtml,

Programme or List of Programmes

AFU	Age Friendly University Programme
AMPS	BSc in Aviation Management
BS	Bachelor of Business Studies
BSSA	Study Abroad (DCU Business School)
BSSAO	Study Abroad (DCU Business School)
EBC	BA in Global Business (Canada)
EBT	BA in Global Business (USA)
HMSA	Study Abroad (Humanities & Soc Science)
HMSAO	Study Abroad (Humanities & Soc Science)
IESA	Study Abroad (Institute of Education)
IESAO	Study Abroad (Institute of Education)
IFCBC	IFC Int. Business & Languages (Chinese)
IFCBE	IFCInter.Bus&Lang(English with Fr/Ge/Sp)
SHSA	Study Abroad (Science & Health)
SHSAO	Study Abroad (Science & Health)

Date of Last Revision

20-AUG-08

Archives: