EC116-Introductory Mathematics for Economics 1

Module Provider: School of Politics, Economics and International Relations
Number of credits: 10 [5 ECTS credits]
Level:4
Terms in which taught: Autumn term module
Pre-requisites:
Non-modular pre-requisites: GCSE Maths Level 6
Co-requisites:
Modules excluded: IC104 Introductory Quantitative Techniques for Business and Finance
Current from: 2023/4

Module Convenor: Dr Andy Chung
Email: chunkit.chung@reading.ac.uk

Type of module:

Summary module description:

This module introduces the mathematical concepts which are of key importance in economics and to which reference is made in compulsory taught modules for single and joint degree programmes in the Department of Economics.

Aims:

This module introduces the mathematical concepts which are key in economics and to which reference is made in compulsory taught modules for single and joint degree programmes in the Department of Economics. It aims to enable students whose background in mathematics is less rigorous to understand and use mathematical notation and techniques in the particular application to economic theory.

Assessable learning outcomes:

At the end of the module, students should:

1. develop an understanding of the relevance of mathematics in economics;


2. handle with confidence and accuracy the techniques of algebra and calculus required for the solution of economic equations;


3. interpret a range of economic problems and select the appropriate procedure for solution.

Additional outcomes:

Outline content:
Topics covered include linear and quadratic equations, logarithms and exponentials, graphical analysis, derivatives of functions of a single variable and an introduction to partial differentiation and simple optimisation.

Global context:

Together with the ‘Introductory Quantitative Methods for Economics and Business 1’ (EC115) this module develops the quantitative background for the joint honours study of economics. Taken together with the ‘Introductory Quantitative Methods 2 and Study Skills’ (EC120) and ‘Introductory Mathematics for Economics 2’ (EC121) this module develops the quantitative background for single honours study of economics.

Brief description of teaching and learning methods:

This module is taught in a lecture+seminar format, to allow more contact hours to be devoted to problem solving. Recorded lectures covering the main module material will be published on Blackboard. In the week after each of these lectures is published, there will be three complementary live sessions to help achieve the learning objectives, in the following order:

1. A 1-hour review lecture. Students can ask for particular areas of the material from the recorded l ectures to be reviewed. There will also be chance for Q&A in these sessions.


2. A 1-hour large-group seminar session, covering additional mock and past exam questions.


3. A 1-hour small-group tutorial, to go over a problem set that students will be expected to have attempted in advance.

Students will be expected to attend all tutorials, seminars and lectures, having watched the recorded lectures and attempted the practice problem set s in advance. Students will be expected to take notes in all these sessions to supplement the learning materials. 

There is a recommended textbook for this module that will supplement the main learning material – however, the core learning material does not include the textbook.

There will be a 1-hour introductory lecture in the first week of the Autumn term.

There will be two 1-hour revision seminar sessions in the Summer te rm.

Note: the recorded lectures are included in the contact hours breakdown as “Guided Independent Study”.

Contact hours:

	Autumn	Spring	Summer
Lectures	10
Seminars	9		2
Tutorials	9
Guided independent study:	60		10
Total hours by term	88	0	12
Total hours for module	100

Summative Assessment Methods:

Method	Percentage
Written exam	70
Class test administered by School	30

Summative assessment- Examinations:

One 2-hour unseen written paper. Part 1 examinations are held in the Summer term.

The examination for this module will require a narrowly defined time window and is likely to be held in a dedicated exam venue.

Summative assessment- Coursework and in-class tests:

There will be 2 online tests, each contributing 15% to the overall module mark, during the Autumn term.

Formative assessment methods:
Tutorial exercises are the basis for formative feedback.

Penalties for late submission:

The Support Centres 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 (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: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/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 weighted minimum overall mark of 40%.

Reassessment arrangements:
Re-examination for Part 1 modules takes place in August/September of the same year. Reassessment is by examination only (coursework will not be included in the re-assessment).

Additional Costs (specified where applicable):

1) Required text books:  Mathematics for Economics and Business (9th edition released July 18) Ian Jacques Pearson 978-1-292-19166-9 (current price £43 new) - note, the same textbook is also recommended for EC116. The book is held by the Library, including an online version.

2) Specialist equipment or materials:  None

3) Specialist clothing, footwear or headgear:  None

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:  None

6) Travel, accommodation and subsistence:  None

Last updated: 30 March 2023