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 |
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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
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120 mins X 1 totaling 24
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Private Study | 90 | ||||||
TOTAL HOURS | 150 |
Assessment |
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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 |
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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 |
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(LO1) Students will be able to develop a good grasp of basic mathematical techniques in the study of supply and demand curves; |
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(LO2) Students will become familiar with the basic techniques of calculus and their applications to economics: the analysis of profit, revenue etc; |
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(LO3) Students will develop a working knowledge of the basic mathematics of finances |
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(S1) Adaptability |
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(S2) Problem Solving Skills |
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(S3) Numeracy |
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(S4) commercial Awareness |
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(S5) Teamwork |
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(S6) Organisational skills |
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(S7) Communication skills |
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(S8) International awareness |
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(S9) Lifelong learning skills |
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(S10) Ethical awareness |
Teaching and Learning Strategies |
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Teaching Method: Lecture Teaching Method: Seminar Self-Directed Learning Hours: 90 Skills/Other Attributes Mapping Skills / attributes: Lifelong learning skills Skills / attributes: International awareness Skills / attributes: Communication skills Skills / attributes: Organisational skills Skills / attributes: Teamwork Skills / attributes: commercial Awareness Skills / attributes: Numeracy Skills / attributes: Problem Solving Skills Skills / attributes: Adaptability Costs Information: This module is a pre-requisite for the following modules: |
Syllabus |
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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 |
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Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module. |