Mathematic of Economics
FP-ImePAcad. year: 2020/2021
The subject deals with the modelling of economic processes (micro and macro) by means of exact means of current engineering mathematics to set up conditions for subsequent computerizing. The contents includes : demand and supply analysis; revenue, cost and profit analysis; elasticity of demand and supply;production;utility; accounting of national income.
Learning outcomes of the course unit
Acquired knowledge and practical skills will be applied to modelling dependencies of factors relating to economic phenomena, explaining their relations and solving problems of microeconomic and macroeconomic environment by with simple mathematical methods.
Standard courses of engineering mathematics, microeconomics and macroeconomics on bachelor level.
Recommended optional programme components
Recommended or required reading
J. Jacques, Mathematics for Economics and Business, Addison-Wesley, New York, 1995 (EN)
A.C. Chiang, Fundamental Methods of Mathematical Economics, McGraw-Hill Inc., New York, 1984 (EN)
C.J. McKenna and R. Rees, Economics: A Mathematical Introduction, Oxford University Press Inc., New York, 1992 (EN)
J.U. Koch and L.A. Ostrosky, Introduction to Mathematical Economics, McGraw-Hill Inc., Singapore, 1994 (EN)
I. Mezník, Úvod do matematická ekonomie pro ekonomy,FP VUT v Akademickém nakladatelství CERM,s.r.o., Brno 2011 (CS)
Planned learning activities and teaching methods
Instructing is divided into lectures and exercises. Lectures are focused on the theory referring to applications, exercises on practical calculations and solving of application tasks.
Assesment methods and criteria linked to learning outcomes
Conditions for awarding course-unit credits:
- active participation in seminars, where the attendance is compulsory,
- completion of the control semestral written test marked at least with grade "E".
Language of instruction
1. Basic principles of economic analysis and modeling
2. Demand and supply
3. Revenue, cost, profit
7. National income
The aim of the course is to deal in more detail with the causal substance of economic relations, and to develop abilities and skills necessary to express economic relations by exact means and consequently carry out their analyses.
Specification of controlled education, way of implementation and compensation for absences
Attendance at lectures is not controlled. Attendance at exercises (seminars) is compulsory and is regularly checked. A student is obliged to give reasons for his/her absence. If the teacher accepts the reason for the absence (which is completely under his/her competence), he/she will decide about the form of the compensation for the missed lessons.