ECON 4401: Introduction to Mathematical Economics

Course Description

As a survey of essential mathematics for economists, this course is consisted of two modules: linear algebra and multivariable calculus. As for the former, the topics include solving a system of linear equations, vector and matrix operations, and matrix properties like determinants; as for the latter, topics include a review of one-variable calculus, partial derivatives, and (constrained) optimization problem for function of two variables.

This course is more about mathematics than economic applications. The reason is that applications of math in economics are ubiquitous and you will surely learn (or have learned) about them in other courses. My goal here is to equip you with the necessary math maturity (e.g. ease with math notations and statement, abstract thinking) for economic analyses. As modern economics has become more and more math-oriented, this will better prepare you for success in the graduate school or a career in business. That said, we’ll spend about two weeks (or more if time permits) on economics applications.

Topics Covered

Vectors and linear combination
Solving system of linear equations
The matrix equation and matrix algebra
Matrix determinants
Relations and functions
Partial derivatives and its application in economics
Gradients and level curves
Concave and convex functions
Unconstrained optimization
Constrained optimization