ULMS Electronic Module Catalogue

The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title MATHEMATICS FOR ECONOMICS AND BUSINESS
Code ECON111
Coordinator Dr Y Li
Economics
Yuyi.Li@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2019-20 Level 4 FHEQ First Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):

 

Modules for which this module is a pre-requisite:

 

Programme(s) (including Year of Study) to which this module is available on a required basis:

 

Programme(s) (including Year of Study) to which this module is available on an optional basis:

 

Teaching Schedule

  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours 36

24

        60
Timetable (if known) 180 mins X 1 totaling 36
 
120 mins X 1 totaling 24
 
         
Private Study 90
TOTAL HOURS 150

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 2: Written Unseen Examination Assessment Type: Written Exam Duration: 2 hours Weighting: 75% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty appl  2 hours    75       
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 1: Mid-term MCQ test Assessment Type: Written Exam Duration: 1 hour Weighting: 25% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applies Ano  1 hour    25       

Aims

This module introduces students to the application of mathematics to economics, management and accounting. The material will show how mathematical methods can be applied to problems in market analysis, compound interest, investment appraisal and agent optimisation (eg consumer utility maximisation and firm profit maximisation). The module design takes account of students' differing mathematical backgrounds in conjunction with the need to prepare all students for second and third year courses.


Learning Outcomes

(LO1) Students will be able to develop a good grasp of basic mathematical techniques in the study of supply and demand curves;

(LO2) Students will become familiar with the basic techniques of calculus and their applications to economics: the analysis of profit, revenue etc;

(LO3) Students will develop a working knowledge of the basic mathematics of finances

(S1) Adaptability

(S2) Problem Solving Skills

(S3) Numeracy

(S4) commercial Awareness

(S5) Teamwork

(S6) Organisational skills

(S7) Communication skills

(S8) International awareness

(S9) Lifelong learning skills

(S10) Ethical awareness


Teaching and Learning Strategies

Teaching Method: Lecture
Description: Lectures will be used to introduce new concepts in mathematics. They will provide a basic orientation to the relevant subject matter plus basic practice in problem solving and interpretation. This is built upon by independent study and reading the course text and lecture notes plus additional reading where necessary to improve understanding
Scheduled Directed Student Hours: 36
Attendance Recorded: Yes

Teaching Method: Seminar
Description: The weekly seminars are used to reinforce students understanding of the theory learned in lectures by offering opportunities to students to put this theory into practice as mathematics can only be “learned by doing”. Each seminar will comprise solving a series of practical exercises, based on the topics covered in the lecture. Seminars are designed to reinforce your understanding and will provide a chance to apply and practice your knowledge. During the seminar you may also h ave the opportunity to raise issues that may have concerned you in the lectures as it may not always be possible to deal with individual problems during lectures. Therefore, it is important that you take advantage of this opportunity.
Scheduled Directed Student Hours: 24
Attendance Recorded: Yes

Self-Directed Learning Hours: 90
Description: In addition to attendance at lectures and seminar classes, students have about 100 hours of private study time for this module. This time should be used to read the course textbooks, work through examples, solve problems and exercises in addition to those covered in lecture.

Skills/Other Attributes Mapping

Skills / attributes: Lifelong learning skills
How this is developed: Effective time management / independent learning / prioritising work /meeting deadlines
Mode of assessment (if applicable)

Skills / attributes: International awareness
How this is developed: Students will work with peer groups in cl ass and tutorials
Mode of assessment (if applicable)

Skills / attributes: Communication skills
How this is developed: Effective written communication
Mode of assessment (if applicable)

Skills / attributes: Organisational skills
How this is developed: Through effective preparation for tutorials, the mid-term, and the January exam – evidenced by the quality of answers provided on the two modes of assessment
Mode of assessment (if applicable): Examination and Mid-term test

Skills / attributes: Teamwork
How this is developed: Not formally assessed as no group work but students will be encouraged to work together in class and also to answer peer queries through the discussion forum on vital.
Mode of assessment (if applicable)

Skills / attributes: commercial Awareness
How this is developed: Through application of numerical techniques to real business scenarios eg. Market analysis and investment appraisal, revenues and profits.Mode of assessment (if applicable)

Skills / attributes: Numeracy
How this is developed: Through quantitative Q&A in class, tutorials, practice questions and examination
Mode of assessment (if applicable): Examination and Mid-term test

Skills / attributes: Problem Solving Skills
How this is developed: Q&A in class, tutorials, practice questions and examination.
Mode of assessment (if applicable): Examination

Skills / attributes: Adaptability
How this is developed: Through application of maths concepts to economic / finance and accounting related problems
Mode of assessment (if applicable): Examination

Costs Information:
Students will not be required to incur additional costs but may wish to purchase a textbook

This module is a pre-requisite for the following modules:
ACFI204
ECON112
ECON212
ECON221
ECON222
ECON227
ECON233
ECON251
ECON322
ECON326
ECON343
ECON346


Syllabus

 

Introduction to mathematics for economics, management and accounting;

Linear functions - graphs, simultaneous equations, supply and demand analysis;

Non-linear functions - quadratic and polynomial functions, exponents, the exponential and logarithmic functions with economic applications;

Differentiation - rules for differentiation;

Application of differentiation to economics - marginal analysis and elasticity;

Optimisation (unconstrained) - maxima and minima, minimising costs, maximising revenue and maximising profit;

Mathematics of Finance - geometric series, interest, growth, compounding, discounting and present value;

Partial differentiation - differentiating functions with at least two independent variables, partial elasticities, homogeneous functions and unconstrained optimisation.


Recommended Texts

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.