Registry
Module Specifications
Archived Version 2018 - 2019
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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. | |||||||||||||||||||||||||||||||||||||||||
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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. Validate mathematical statements relating to economics, business and finance. | |||||||||||||||||||||||||||||||||||||||||
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 |
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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.Partial derivatives.Economic models involving functions of several variables. Partial derivatives. Utility functions, isoquants and indifference curves.The time value of money.Percentages. The compound interest formula. Discounting and investment appraisal – net present value and yield. | |||||||||||||||||||||||||||||||||||||||||
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Indicative Reading List
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Other Resources 32479, Website, Brien Nolan, 0, Basic Skills Worksheets, http://www.dcu.ie/~nolanb/Basic_Skills.htm, 32480, Drop-in centre, 0, DCU Maths Learning Centre, http://www.dcu.ie/maths/mlc/index.shtml, | |||||||||||||||||||||||||||||||||||||||||
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