MODULE I: INTRODUCTION TO MATHEMATICAL ECONOMICS – (6 HOURS)
Introduction to Mathematical Economics- Advantages and Disadvantages of Mathematical Economics – Variables- Constants – Parameters – Functions –Equations – Mathematical Model.
MODULE II: LINEAR AND NON-LINEAR EQUATIONS AND THEIR APPLICATIONS IN ECONOMICS – (12 HOURS)
Linear Functions – Two-Point Formula – Simultaneous Equations Formula – Demand Function – Supply Function – Market Equilibrium – Taxation – Subsidy – Break-even Analysis – National Income Determination – Elasticity of Demand. Quadratic Function – Simple Market Equilibrium – Production Possibility Curves – Power Function – Pareto’s Distribution of Income- General Market Equilibrium.
MODULE III: DIFFERENTIAL AND INTEGRAL CALCULUS AND THEIR APPLICATION IN ECONOMIC ANALYSIS – (12 HOURS)
Maxima and Minima – Application of Derivatives in Economics – Cost – Average and Marginal Cost Relationship – Revenue – Average and Marginal Relationship –Equilibrium of the Firm under perfect competition, monopoly, price discrimination. Integral Calculus – Indefinite and Definite Integration – Application to Economics – Cost Analysis -Revenue Analysis