Applied Mathematics for Economics
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Course informations
| Study program level |
Undergraduate |
| Study program |
Entrepreneurship |
| Study program direction |
Entrepreneurship |
| Course year |
1. |
| Course semester |
I |
| Course status |
Core |
| ECTS |
6 |
| Lectures (h) |
30 |
| Excercises (h) |
30 |
| Seminars (h) |
- |
Course objectives
Students will apply the basic mathematical methods and procedures necessary for different applications in the economy and analyze the graphs of economic functions.
Course outcomes
Name of the learning outcomes set: Sets and functions
Level: 5
- Specify definitions of operations with sets (union, cross section, difference, complement)
- Analyze and conclude which elements belong to a given set with respect to the given operation with the sets
- Determine the function properties and know the given function graph (minimum, maximum, growth, drop)
- Distinguish elementary functions (linear, quadratic, exponential, logarithmic) and list their properties
- Compile complex functions in the economy by applying the composition of functions
- Apply linear and quadratic functions in the economy
- Distinguish and use functions: demand, supply, cost, profit.
Name of the learning outcomes set: Derivatives and application in economics
Level: 5
- Distinguish between arithmetic and geometric sequences
- Comment and graphically interpret the boundary value of the sequences and the real functions of a random variable.
- Apply the rules of elemental derivation to derivations of complex functions and implicitly assigned functions
- Analyze and estimate what total sales will be, given the current growth rate.
- To formulate how some economic size reacts, more or less intensively, to the change of some other economic size on which it depends.
Name of the learning outcomes set: The basics of linear algebra
Level: 6
- To define what a matrix is and its format and some special matrices such as a unit matrix and their properties. Differentiate the determinants from the matrix.
- Calculate the sum, difference and multiplication of real matrices.
- Calculate the second and third order quadrature matrix determinants
- Apply Gauss Jordan's elimination method or Kramer's rule for solving linear equation systems.
Course content
Sets and functions: operation with sets, function properties, composition and inverse function, elementary functions (linear, square, exponential, logarithmic), graph function analysis. Derivatives and application in economics: sequences, term boundary value, continuity of function, argument expansion, derivation of function, derivation of elementary functions, derivation of complex function, derivation application, elasticity. Basics of linear algebra: matrices, matrix operations, determinants, linear equation systems, Gaussian elimination method, Kramer rule.
