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Module Specifications.

Current Academic Year 2024 - 2025

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Date posted: September 2024

Module Title Mathematics for Economics
Module Code MS145 (ITS) / MTH1029 (Banner)
Faculty Science & Health School Mathematical Sciences
Module Co-ordinatorMichael Marsh
Module TeachersBrien Nolan, Thorsten Neuschel
NFQ level 6 Credit Rating 5
Pre-requisite Not Available
Co-requisite Not Available
Compatibles Not Available
Incompatibles Not Available
None
Description

This module will equip students with the knowledge and skills to carry out calculations and construct simple mathematical models relevant to economics. They will be able draw conclusions and make interpretations relating to real-world economic behaviour on the basis of these calculations and models.

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.
6. Complete mathematical tasks (including in an online environment) relating to the mathematical knowledge and skills required in this module.



Workload Full-time hours per semester
Type Hours Description
Online activity20Online content and formative assessments on theory and applications of mathematics in economics and business.
Lecture10Live face-to-face lecture.
Tutorial10Live face-to-face tutorial.
Independent Study85Independent study and practice.
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

Linear functions in economics.
Equations and inequalities; linear equations and their graphs; simultaneous linear equations; economic applications: supply and demand; national economy models.

Non-linear functions in economics.
Quadratic functions; revenue cost and profit;production functions; exponential growth.

Derivatives and marginal functions.
Slopes of lines and slopes of curves; average rate of change; methods of differentiation; marginal functions and their applications; elasticity;

The time value of money.
Percentage changes and scale factors. Simple interest. The compound interest formula. Continuous compounding. Net present value and yield.

Assessment Breakdown
Continuous Assessment40% Examination Weight60%
Course Work Breakdown
TypeDescription% of totalAssessment Date
Short Answer QuestionsOnline quiz.10%Week 3
Short Answer QuestionsOnline quiz.10%Week 6
Short Answer QuestionsOnline quiz10%Week 9
Written ExamEnd of semester final exam.60%Week 11
Loop QuizWeekly online quiz10%Every Week
Indicative Reading List

  • Ian Jacques: 2015, Mathematics for Economics and Business, Pearson, 129207423X
Other Resources

None

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