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Module Code - Title:

EC6071 - PRELIMINARY MATHEMATICS AND STATISTICS FOR ECONOMICS

Year Last Offered:

2023/4

Hours Per Week:

Lecture

1.5

Lab

0

Tutorial

0

Other

0

Private

3.5

Credits

3

Grading Type:

PF

Prerequisite Modules:

Rationale and Purpose of the Module:

This module is designed to provide a thorough revision of a range of the basic mathematical and statistical techniques used in applied economic analysis. This will prepare students for the core components of their programme and enable them to evaluate current economics literature. This will also help students to develop and complete the dissertation element of their Master's degree.

Syllabus:

This module firstly covers a range of mathematical tools that are fundamental to the study of micro and macroeconomics at a postgraduate level. The range of topics is listed below: 1: Exponents, logs, polynomials, order of operations, linear and non-linear equations; 2: Functions, slope intercept form, systems of equations, linear/matrix algebra; 3: Rules of differentiation, partial differentiation, implicit differentiation; 4: Unconstrained optimization and constrained optimization with Langrange multipliers; 5: Rules of integration and matrix algebra; 6. Economic applications: utility, production, demand, revenue, profit and cost functions. This module then covers a range of statistical tools that are fundamental to the study of econometrics at a postgraduate level. The range of topics is listed below: 1. Descriptive statistics: organising data and descriptive measures; 2. Probability, random variables and sampling distribution, Central Limit Theorem; 3. Confidence intervals and hypothesis tests for one population mean; 4. Inferences for two population means; 5. Chi-Square procedures.

Learning Outcomes:

Cognitive (Knowledge, Understanding, Application, Analysis, Evaluation, Synthesis)

On successful completion of this module, students will be able to: 1. Demonstrate a broad and deep knowledge of specific areas of mathematics and statistics relevant for the study of applied economics at a postgraduate level; 2. Select and apply relevant mathematical and statistical techniques to solve relevant economic problems.

Affective (Attitudes and Values)

On successful completion of this module, students will be able to appreciate the rationale and scope for applying mathematical and statistical methods to a range of topics within the applied economics.

Psychomotor (Physical Skills)

N/A

How the Module will be Taught and what will be the Learning Experiences of the Students:

The module is delivered through a series of lectures where each lecture will be a mixture of multimedia presentations on key concepts, discussions of economic applications to these concepts, and solving practical examples. Each week, the students must complete a series of review questions. Lectures will be highly interactive, and we will work through a number of applied examples and exercises for each section of the material.

Research Findings Incorporated in to the Syllabus (If Relevant):

Prime Texts:

Jacques, I. (2018) Mathematics for economics and business , Pearson
Mason, R., Lind, D., and Marchal, W. (2021) Statistical Techniques in Business and Economics , McGraw-Hill

Other Relevant Texts:

Chiang, A. C. and K. Wainwright (2005) Fundamental Methods of Mathematical Economics , McGraw-Hill
Weiss, N. A. (2017) Introductory Statistics , Pearson

Programme(s) in which this Module is Offered:

MSECPATFA - ECONOMICS AND POLICY ANALYSIS
MSEPLITFA - ECONOMICS AND POLICY ANALYSIS (DOUBLE DEGREE)

Semester - Year to be First Offered:

Module Leader:

Generic PRS