EC144: Mathematical Methods for Economists

Module code: EC144

Module provider: Economics; School of Philosophy, Politics and Economics

Credits: 20

Level: Level 1 (Certificate)

When you'll be taught: Semester 2

Module convenor: Dr Fangya Xu, email: fangya.xu@reading.ac.uk

Pre-requisite module(s):

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded:

Placement information: NA

Academic year: 2024/5

Available to visiting students: Yes

Talis reading list: Yes

Last updated: 23 May 2024

Overview

Module aims and purpose

This module builds on the introduction of mathematical techniques covered in EC140 and EC141. It will present a further range of methods and their economic applications. Other modules in various economics programmes will make use of this material and provide further applications in their own context. 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.

Module learning outcomes

By the end of the module, it is expected that students will be able to:

1. Understand economic theory which makes use of basic mathematical techniques involving, e.g., unconstrained optimisation, constrained optimisation, integration, and linear algebra.
2. Solve a range of economic problems which are formulated in mathematical terms.
3. Follow the mathematical content of the core modules in microeconomics, macroeconomics, and econometrics, and those electives that are more mathematical in content.

Module 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: revision of properties of the exponential and logarithmic functions and their use in economics, economic applications of differentiation and integration, unconstrained optimisation and constrained optimisation in economics, linear algebra and the use of matrices to describe and solve economic problems.

Structure

Teaching and learning methods

Lectures will introduce the core concepts and methods which students will have the opportunity to apply in seminar questions, additional practice questions, as well as in summative assessments. Seminars will apply the core concepts and methods learned to economic problems via demonstrations, discussions, and group work.

Study hours

At least 30 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 40% to pass this module.

Summative assessment

Penalties for late submission of summative assessment

The Support Centres will apply the following penalties for work submitted late:

Assessments with numerical marks

• 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 three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: /cqsd/-/media/project/functions/cqsd/documents/qap/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.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

Reassessment

Additional costs