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Mathematical Economics (ECON30020)
Undergraduate level 3Points: 12.5Online
Please refer to the return to campus page for more information on these delivery modes and students who can enrol in each mode based on their location.
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable(opens in new window)
Contact information
Semester 1
Simon Loertscher: simonl@unimelb.edu.au
Overview
Availability | Semester 1 - Online |
---|---|
Fees | Look up fees |
Set theory, univariate calculus and optimisation are reviewed and applied to the theory of the firm and the theory of consumer demand. Linear algebra concepts including matrix operations, vector spaces and quadratic forms are introduced and applied to problems in economics and econometrics. Applications of multivariate calculus including constrained optimisation, the envelope theorem and Kuhn-Tucker conditions are covered.
Intended learning outcomes
- Recognise and set up standard economic problems (the consumption decision, the production decision, cost minimization, simple multi-period decision making) as optimization problems
- Solve specific optimization problems such as those involving utility and profit maximization and cost minimization
- Solve market equilibrium problems
- Explain the geometry of constrained optimization, the geometry of Lagrange multipliers;
- Explain the difference between necessary and sufficient conditions, and their application at both interior and corner points;
- Solve matrix algebra problems including those involving quadratic forms and eigenvalues and vectors, and explain the connection between positive definite forms and convexity;
- Solve problems in multivariate calculus, including the calculation of gradients and tangents, and differentiating a function along a curve;
- Set up and solve Khun Tucker problems;
- Explain and interpret Lagrange multipliers as shadow prices;
- Solve problems involving simple comparative statics, both for optimization and equilibrium problems, using the univariate implicit function theorem, single crossing conditions and envelope methods.
Generic skills
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High level of development: problem solving; interpretation and analysis; critical thinking.
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Moderate level of development: oral communication; written communication; collaborative learning; team work; statistical reasoning; application of theory to practice; receptiveness to alternative ideas.
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Some level of development: synthesis of data and other information; evaluation of data and other information; use of computer software; accessing data and other information from a range of sources.
Last updated: 11 April 2024
Eligibility and requirements
Prerequisites
One of
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ECON20001 | Intermediate Macroeconomics | Semester 2 (Dual-Delivery - Parkville) |
12.5 |
ECON20002 | Intermediate Microeconomics |
Summer Term (Online)
Semester 1 (Online)
|
12.5 |
OR
Admission into the MC-APPECON Master of Applied Econometrics
Corequisites
None
Non-allowed subjects
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ECON40001 | Advanced Microeconomics | Semester 1 (Online) |
12.5 |
ECON90063 | Advanced Microeconomics | Semester 1 (Online) |
12.5 |
Recommended background knowledge
Please refer to Prerequisites and Corequisites.
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 11 April 2024
Assessment
Description | Timing | Percentage |
---|---|---|
Four Assignments (10% each)
| Throughout the semester | 40% |
End-of-semester Examination
| During the examination period | 60% |
Additional details
Important online examination information: This examination is the equivalent of a 2-hour assessment; however, students are provided with 3-hours to accommodate the time that will be required for typesetting of mathematical expressions and the uploading of documents.
Last updated: 11 April 2024
Dates & times
- Semester 1 - Online
Principal coordinator Simon Loertscher Mode of delivery Online Contact hours One 2-hour lecture and one 1-hour tutorial per week. Total time commitment 170 hours Teaching period 1 March 2021 to 30 May 2021 Last self-enrol date 12 March 2021 Census date 31 March 2021 Last date to withdraw without fail 7 May 2021 Assessment period ends 25 June 2021 Semester 1 contact information
Simon Loertscher: simonl@unimelb.edu.au
Time commitment details
170 Hours
Last updated: 11 April 2024
Further information
- Texts
Prescribed texts
Mathematics for Economics, (2nd edn)(M Hoy, J Livernois, C McKenna, R Rees and T Stengos 2001), MIT Press, 2001, ISBN 0262082942 (hard cover) 0262582074 (paperback)
- Related Handbook entries
This subject contributes to the following:
Type Name Course Master of Applied Econometrics Major Economics - Breadth options
This subject is available as breadth in the following courses:
- Bachelor of Arts
- Bachelor of Design
- Bachelor of Environments
- Bachelor of Fine Arts (Acting)
- Bachelor of Fine Arts (Animation)
- Bachelor of Fine Arts (Dance)
- Bachelor of Fine Arts (Film and Television)
- Bachelor of Fine Arts (Music Theatre)
- Bachelor of Fine Arts (Production)
- Bachelor of Fine Arts (Screenwriting)
- Bachelor of Fine Arts (Theatre)
- Bachelor of Fine Arts (Visual Art)
- Bachelor of Music
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
- Available to Study Abroad and/or Study Exchange Students
This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.
Last updated: 11 April 2024