Syllabus
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Course Code: M-BECOC -003 Course Name: Mathematics for Business Economists |
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| MODULE NO / UNIT | COURSE SYLLABUS CONTENTS OF MODULE | NOTES |
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| 1 | Matrix Algebra and Its Applications Concept of Matrix and Determinant – their types, simple operations on matrices; Matrix inversion and rank of matrix; Solution of simultaneous equations through Cramer’s rule and Matrix inverse method; Introduction to input-output analysis. Reading List • Allen, R.G.D. (1974). Mathematical Analysis for Economists. Macmillan Press, London. • Black, J. & Bradley, J.F. (1973). Essential Mathematics for Economists. John Wiley and Sons. • Joshi, R. C. (2008). Basic Mathematics for Economists. New Academic Publishing. • Leontief, W. (1936). Quantitative input-output relations in the economic systems of the United States. Review of Economics and Statistics, 18, 105-125. • Miller, R.E. & Blair, P.D. (1985). Input-Output Analysis: Foundations and Extensions. Prentice-Hall, Englewood Cliffs, New Jersey. |
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| 2 | Differential Calculus and Its Applications Rules of differentiation; Elasticity and their types; Rules of Partial differentiation and interpretation of partial derivatives; Problems of maxima and minima in single and multivariable functions; Unconstrained and constrained optimization in simple economic problems. Reading List • Aggarwal, D. R. (2018). Quantitative Methods. Vrinda Publications. • Chiang, A.C. (2005). Fundamental Methods of Mathematical Economics. McGraw Hill, New York. • Mouhammed, Adil H. (2004). Quantitative Methods for Business and Economics. PHI, New Delhi. • Yamane T. (1973). Mathematics for Economists. PHI. |
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| 3 | Introductory Integral Calculus and Difference Equations Concept and simple rules of integration; Application to consumer’s and producer’s surplus. Difference equations – Solution of first order and second order difference equations; Applications in trade cycle models; Growth models and lagged market equilibrium models. Reading List • Mehta, B. C. & Madnani, G. M. K. (2018). Mathematics for Economists. Sultan Chand & Sons, New Delhi. • Mouhammed, Adil H. (2004). Quantitative Methods for Business and Economics. PHI, New Delhi. |
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| 4 | Linear Programming and Game Theory Linear programming – Basic concept, Nature of feasible, basic and optimal solution; Solution of linear programming problem through graphical and simplex method. Concept of a game; Two-person Zero-sum game; value of a game; strategies- simple and mixed; Dominance rule; Solution of a game by linear programming. Reading List • Aggarwal, D. R. (2018). Quantitative Methods. Vrinda Publications. • Mehta, B. C. & Madnani, G. M. K. (2018). Mathematics for Economists. Sultan Chand & Sons, New Delhi. • Taha, Hamdy A. (2001). Operations Research: An Introduction. Pearson Education. • Vohra, N.D. (2008). Quantitative Techniques in Management. Tata McGraw Hill. |
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