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 YY Oezcelik
Economics
Yigit.Oezcelik@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2023-24 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 24

9

      12

45
Timetable (if known)              
Private Study 105
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 ap    75       
Assessment 1: Mid-term test Assessment Type: MCQ Exam Duration: 1 hour Weighting: 25% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applies Anonymous     25       
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
             

Aims

This module introduces students to the application of mathematics to economics and business. The material will show how mathematical methods can be applied to problems in market analysis, agent optimisation (e.g. consumer utility maximisation and firm profit maximisation), compound interest, and investment appraisal. The module provides all students with the basic mathematics skills needed for business economics.


Learning Outcomes

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

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

(LO3) Students will develop a working knowledge of the basic mathematics of finance and accounting

(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
Scheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method: Seminar
Description: Each seminar will comprise solving a series of practical exercises, based on the topics covered in the lecture. We plan to offer small group seminars to support active learning.
Scheduled Directed Student Hours: 9
Attendance Recorded: Yes

Teaching Method: Workshop
Scheduled Student Hours: 12
Attendance Recorded: No

Self-Directed Learning Hours: 105
Description: In addition to attendance at seminar classes, students have about 90 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 learning materials.

Skills/Other Attributes Mapping

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

Skills / attributes: International awareness
How this is developed: Students will work with peer groups in class 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-r equisite for the following modules:
ACFI204
ECON112
ECON212
ECON221
ECON222
ECON227
ECON233
ECON251
ECON322
ECON326
ECON343
ECON346


Syllabus

 

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;

Partial differentiation - differentiation rules, partial elasticities, unconstrained optimisation and homogeneous functions;

Percentages and geometric series, compounded interest rate, saving plans, loan repayment, present values and investment appraisal.


Recommended Texts

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