EC206-Intermediate Mathematics for Economics

Module Provider: School of Politics, Economics and International Relations
Number of credits: 20 [10 ECTS credits]
Level:5
Terms in which taught: Spring term module
Pre-requisites: EC121 Introductory Mathematics for Economics 2 or EC116 Introductory Mathematics for Economics 1 and MA1FM Foundations of Mathematics
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2019/0

Module Convenor: Dr Simon Burke

Email: s.p.burke@reading.ac.uk

Type of module:

Summary module description:

The module will make use of the introduction to mathematical techniques covered in Part 1 and present a further range of methods and their economic applications. Other core and elective modules in the various Economics programmes will make use of this material and provide further applications in their own context.

Aims:

Students will become familiar with the idea that mathematics can be used to describe and extend economics in a rigorous fashion. The precision of this approach and the breadth of application to economics of the different mathematical techniques will be emphasised throughout.

Assessable learning outcomes:

At the end of the module students should be able to: understand economic theory which makes use of basic mathematical techniques involving, e.g., optimisation under constraints, linear algebra. They will solve a range of economic problems which are formulated in mathematical terms.

They will be able to follow the mathematical content of the core modules in microeconomics, macroeconomics, and econometrics, and those electives that are more mathematical in content.

Additional outcomes:
Students will have a better-developed sense of the precision involved in formulating economic models rigorously. Weaknesses in their numeracy and mathematical skills should have been eliminated through practice with class exercises.

Outline content:

The module concentrates on those areas of calculus and linear algebra that are widely used in economic applications. The topics covered may include, but are not limited to:

Economic applications of differentiation and integration. Optimisation with several variables. Revision of properties of the exponential and logarithm functions and their use in economics. Constrained optimisation in economics and Lagrangian techniques. The use of matrices to describe economic systems, matrix multiplication, inversion, the eigenvalue problem and the spectral decomposition of a matrix. 

Brief description of teaching and learning methods:

The lectures are a formal presentation of mathematical techniques and their economic applications. Handouts are distributed to assist students, and lecture slides are available in advance. Classes review a series of exercises and economic applications of the material.  These must be attempted beforehand. The class tutor and lecturers are available in their feedback and consultation hours to provide further assistance.

Contact hours:

	Autumn	Spring	Summer
Lectures		20	2
Tutorials		9
Guided independent study:		154	15
Total hours by term		183	17
Total hours for module	200

Summative Assessment Methods:

Method	Percentage
Written exam	80
Written assignment including essay	5
Class test administered by School	15

Summative assessment- Examinations:
One 3-hour unseen written paper.
Part 2 examinations are held in the Summer term.

Summative assessment- Coursework and in-class tests:
There will be one assessed exercise (5% of overall mark) and one test held near the end of the term in which the module is taught (15% of overall mark).

Formative assessment methods:

Penalties for late submission:
The Module Convener will apply the following penalties for work submitted late:

where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day[1] (or part thereof) following the deadline up to a total of five working days;

where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Assessment requirements for a pass:
A minimum overall mark of 40%.

Reassessment arrangements:
Re-examination for all modules takes place in August/September of the same year.
Re-assessment is by examination only; coursework is not included at the second attempt.

Additional Costs (specified where applicable):
1) Required text books:
2) Specialist equipment or materials:
3) Specialist clothing, footwear or headgear:
4) Printing and binding: There may be optional costs associated with photocopying or printing sources listed on the reading list relating to this module. Please note that the Library charges approximately 5p per photocopy.
5) Computers and devices with a particular specification:
6) Travel, accommodation and subsistence:

Last updated: 8 April 2019