PREVIEW
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MODULE I: INTRODUCTION TO MATHEMATICAL ECONOMICS
Introduction to Mathematical Economics- Advantages and Disadvantages of Mathematical Economics – Variables- Constants – Parameters – Functions –Equations - Mathematical Model
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MODULE II: LINEAR AND NON-LINEAR EQUATIONS AND THEIR APPLICATIONS IN ECONOMICS
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.
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MODULE III: DIFFERENTIAL AND INTEGRAL CALCULUS AND THEIR APPLICATION IN ECONOMIC ANALYSIS
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 – National Income Analysis – Consumers Surplus – Producers Surplus.
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