Upon the completion of the course the students should be able to;
(a) get an insight to the applicability of the mathematics in the study of economic theory.
- COURSE CONTENT
- Concepts (Definition of economic model, type variables, type equations), flexibility (Introduction, elasticity of demand to price elasticity of supply on price, prices of elasticity, the elasticity of demand with multiple independent variables). Comparative static and the use of derivative thereto (What is comparative static analysis, marginal revenue functions – cost, Determination of marginal revenue from the revenue function, define the marginal cost of the function, cost, marginal product of work in classical economic system instantaneous rate of growth in the economy). Maximum-minimum economic theory (general revenue Boundary Change, Maximize – minimizing finance functions, maximize revenue, Minimum average cost, profit- maximizing in monopoly market, profit maximizing monopoly with tax, maximizing tax revenue). The integration of economic theory (Applications of indefinite integrals in economic theory, Finding the overall function of the limit function, saving function Finding the limit moment of saving, capital accumulation and Value net investment applications of certain integral to the economic theory of consumer surplus , producer surplus capital accumulation in a given time).