ECON500 MATHEMATICS FOR ECONOMISTS
| Course Code: | 3110500 |
| METU Credit (Theoretical-Laboratory hours/week): | 2 (2.00 - 0.00) |
| ECTS Credit: | 5.0 |
| Department: | Economics |
| Language of Instruction: | English |
| Level of Study: | Graduate |
| Course Coordinator: | Assoc.Prof.Dr. ESMA GAYGISIZ LAJUNEN |
| Offered Semester: | Fall Semesters. |
Course Objectives
This course covers the elements of mathematical analysis, qualitative behaviours of dynamic systems and, static and dynamic optimization techniques.
Course Content
This course covers the elements of mathematical analysis, qualitative behaviors of dynamic systems and, static and dynamic optimization techniques.
Course Learning Outcomes
Students should be able (1) to define and explain concepts of a relation, a function, an open set, a compact set, a convex set and to graph simple functions, quadratic functions, polynomial functions, rational functions, exponential functions, and logarithmic functions, and to draw level curves for some commonly used functions in economics, (2) to identify some basic properties of a function such as monotonicity, continuity, and differentiability, convavity, convexity, quasi-concavity, quasi-convexity, homogeneity and homotheticity, (3) to perform matrix operations such as matrix addition and subtraction, matrix multiplication, and to compute determinants and inverses of matrices, (4) to analyze solutions to systems of linear equations and to solve systems of linear equations using the matrix inverse and Cramers rule, (5) to do differentiations for both one-variable and multi-variable functions using various differentiation rules (sum, difference, product, quotient, and chain rule), (6) to do comparative statics using implicit function theorems, (7) to identify and characterize extreme values of one-variable and multi-variable functions, (8) to solve static optimization problems with equality constraints using Lagrangean functions, (9) to solve static optimization problems with inequality constraints through Kuhn-Tucker method, (10) to analyze qualitative behaviours of systems of dynamic equations through stability analyses of equilibrium points (11) to solve dynamic optimization problems both in discrete time and continuous time
Program Outcomes Matrix
| Level of Contribution | |||||
| # | Program Outcomes | 0 | 1 | 2 | 3 |
| 1 | Advanced level of knowledge on the theory of economics and economic indicators, competency in modelling, analysis and application of economic theories using advanced mathematical and econometric techniques; | ✔ | |||
| 2 | Competency in asking the right research questions; | ✔ | |||
| 3 | Develop an innovative knowledge, method, design and/or practice or adapt an already known knowledge, method, design and/or practice to another field; research, conceive, design, adapt and implement an original subject; | ✔ | |||
| 4 | Conceive the interdisciplinary interaction which the field is related with; efficient use of time; demonstrate leadership in contexts requiring innovative and interdisciplinary problem solving; | ✔ | |||
| 5 | Ability in thouroughly explaining the impact of economic policies on individuals, markets and countries with the help of the theoretical background achieved during program of study; | ✔ | |||
| 6 | Contribute to the progression in the field by producing an innovative idea, skill, and/or practice or by adapting an already known idea, skill, and/or practice to a different field independently; | ✔ | |||
| 7 | Contribute to the transition of the community to an information society and its sustainability process by introducing scientific, technological, social or cultural improvements; | ✔ | |||
| 8 | Ability and competence to work and conduct research with national and international research groups and partnerships; | ✔ | |||
| 9 | Defend original views when exchanging ideas in the field with professionals and communicate effectively by showing competence in the field. | ✔ | |||
0: No Contribution 1: Little Contribution 2: Partial Contribution 3: Full Contribution