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 MATHEMATICAL ECONOMICS 2
Code ECON211
Coordinator Dr Y Li
Economics
Yan.Li3@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 5 FHEQ Second Semester 15

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

ECON113 MATHEMATICAL ECONOMICS; ECON112 STATISTICS FOR ECONOMICS AND BUSINESS 

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     6

    12

6

12

36
Timetable (if known)     60 mins X 1 totaling 12
 
    60 mins X 1 totaling 12
60 mins X 1 totaling 12
120 mins X 1 totaling 24
 
 
Private Study 114
TOTAL HOURS 150

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 1: Online Mid-Term Assessment Type: Written Exam Duration: 24 hours Weighting: 20% Reassessment Opportunity: Yes Penalty for Late Submission: Non-standard penalty applies: Late su  24 hours    20       
Assessment 2: Written Online Assessment Assessment Type: Written Exam Duration: 2 hours (with 30minutes additional admin time) Weighting: 80% Reassessment Opportunity: Yes Penalty for Late S  2 hours (with 30 min    80       
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
             

Aims

The aim of this module is to introduce students to the use of mathematical models in the study of Economics
To build on the material of Year 1 Mathematics and Economics and deepen students' knowledge of mathematical techniques involved in Microeconomics and game theory
To develop more advanced mathematical skills
To develop an ability to use models to solve economic problems


Learning Outcomes

(LO1) Students will be able to revise univariate calculus.

(LO2) Students will be able to introduce matrix algebra.

(LO3) Students will be able to acquire skills with multivariate calculus.

(LO4) Students will be able to develop study optimisation.

(LO5) Students will be able to apply these skills to microeconomic problems

(LO6) Students will be able to apply these skills to macroeconomic problems

(S1) Problem-solving skills

(S2) Numeracy


Teaching and Learning Strategies

Teaching Method – Online Asynchronous Learning Materials
Description: The key theory will be introduced via weekly asynchronous videos.
Unscheduled Directed Student Hours: 12
Attendance Recorded: No

Teaching Method: Large Group Teaching
Scheduled Directed Student Hours: 12
Attendance Recorded: Yes

Teaching Method – Seminar
Description: Seminars will practice and build on the material covered in lectures
Scheduled Directed Student Hours: 6
Attendance Recorded: Yes

Teaching Method : Group Study
Description: Bi-weekly 1-hour group session to foster student community and engagement by working with others on their ‘active learning’ activities
Scheduled Student Hours: 6
Attendance recorded: No

Self-Directed Learning Hours: 114
Description: Learning will also be reinforced by appropriate readings from the course text. See CANVAS for more details.

Costs Informat ion:
There are no specific costs for students associated with this module

This module is a pre-requisite for the following modules:
ECON308
ECON363

Skills/Other Attributes Mapping

Skills / attributes: Numeracy
How this is developed: tutorials and exams
Mode of assessment (if applicable): Mid-term test and Examination

Skills / attributes: Problem-solving skills
How this is developed: tutorials and exams
Mode of assessment (if applicable): Examination


Syllabus

 

(Applications may vary)
Economic Models;
Univariate Calculus: Theory – Review;
Univariate Calculus: Application - Perfect Competition;
Univariate Calculus: Application - Monopoly;
Univariate Calculus: Application – Oligopoly;
Matrix Algebra: Theory - Basic Operations;
Matrix Algebra: Theory - Basic Operations;
Matrix Algebra: Theory -The Inverse of a Matrix;
Matrix Algebra: Theory - Systems of Equations & Cramer’s Rule; Matrix Algebra: Application - IS-LM Analysis;
Multivariate Calculus: Theory - Derivatives & Differentials; Multivariate Calculus: Theory - Implicit Functions;
Multivariate Calculus: Application - Balanced Budget Multipliers; Unconstrained Multivariable Optimization: Theory;
Unconstrained Multivariable Optimization: Application - Profit Maximisation;
Unconstrained Multivariable Optimisation: Application: Duopoly; Constrained Optimisation: Theory;
Constrained Optimisation : Application - Utility Analysis;

Time permitting:
Difference Equations: Theory;
Difference Equations: Application - Simple Keynesian Model & Cobweb Model;

Catch up and Review of Module.


Recommended Texts

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