Maths and Economics

General data

Course ID:	4.17.E.561
Erasmus code / ISCED:	(unknown) / (unknown)
Course title:	Maths and Economics
Name in Polish:	Mathematical Economics
Organizational unit:	Faculty of Economics
Course groups:	Courses for short-term studies
ECTS credit allocation (and other scores):	(not available) Basic information on ECTS credits allocation principles: the annual hourly workload of the student’s work required to achieve the expected learning outcomes for a given stage is 1500-1800h, corresponding to 60 ECTS; the student’s weekly hourly workload is 45 h; 1 ECTS point corresponds to 25-30 hours of student work needed to achieve the assumed learning outcomes; weekly student workload necessary to achieve the assumed learning outcomes allows to obtain 1.5 ECTS; work required to pass the course, which has been assigned 3 ECTS, constitutes 10% of the semester student load. view allocation of credits
Language:	English
Type of course:	obligatory courses
Mode:	(in Polish) Realizowany w sali
Short description:	The aim of this subject is to learn the fundamental statistical inference methods and acquire the ability to use them to analyze statistical data.
Full description:	LECTURES Subject and stages of development of mathematical economics. Consumer preference theory. The consumer utility function and its basic properties. A model approach to demand as an exemplification of the law of demand. Production theory - neoclassical approach. Models of competitive equilibrium of isolated markets (assumptions, structure, and interpretation of models). General equilibrium in static terms (assumptions, structure, and interpretation of models). Exercise The concept of the relation of consumer preferences and the analysis of its basic properties. The concept of the field of preferences and the analysis of its basic properties. Determination of indifference curves and the optimal basket of goods in a given set. Preference relation and utility. The definition of the utility function and the analysis of its properties. Marginal utility of a commodity, Gossen's law, the phenomenon of substitution of commodities. The task of maximizing the consumer's utility and its relation to the generalized demand function. Determining and interpreting the price, cross, and income elasticities of demand. A formalized approach to production processes: production space, vector function of production and its properties. Essential production functions and analysis of their properties. Neoclassical enterprise theory. A mathematical approach to the goal of a producer operating in the conditions of perfect competition, monopoly, and oligopoly. The function of the supply of goods and the function of production demand and their relationship with a production function. Models of competitive equilibrium of isolated markets - assumptions, form, and interpretation. General equilibrium models in a static approach - analysis of assumptions, structure, and interpretation.
Bibliography:	Chiang A.C., Wainwright K., Fundamental Methods of Mathematical Economics, McGraw-Hill/Irwin, Boston, Mass., (4th edition) 2005 Chiang A.C., Elements of Dynamic Optimization, Waveland Press, 1992. Romer D., Advanced Macroeconomics, McGraw-Hill, 1996. Varian H.R., Intermediate Microeconomics, A Modern Approach, W.W. Norton & Company, New York, London, 1996.
Learning outcomes:	(in Polish) WIEDZA 1 Słuchacz zna i rozumie sformalizowane ujęcie teorii popytu, teorii produkcji, zna wybrane teoretyczne modele równowagi konkurencyjnej, równowagi ogólnej oraz wybrane modele dynamiczne gospodarki i potrafi odnieść je do rzeczywistości gospodarczej. UMIEJĘTNOŚCI 1 Słuchacz potrafi stosować język ekonomii matematycznej i budować oraz interpretować matematyczne modele procesów ekonomicznych.
Assessment methods and assessment criteria:	LECTURES Written exam EXERCISES Written test on solving problems

This course is not currently offered.

Course descriptions are protected by copyright.
Copyright by University of Opole.