Unit of study_

# ECON6003: Mathematical Methods of Econ Analysis

## Overview

This unit is an introduction to mathematical economics. It has three purposes. First, to introduce students to the mathematical concepts and methods that are central to modern economics. Second, to give a set of economic applications of the mathematical methods. Third, to develop the students' ability to formulate logical arguments with the degree of precision and rigour demanded in modern economics. The mathematical topics covered include introductory analysis and topology, convex analysis, linear algebra, calculus of functions of several variables, optimisation, and introduction to dynamic programming and dynamical systems. The particular economic applications presented may vary from year to year, but usually include demand theory, production theory, and growth theory.

### Unit details and rules

Unit code ECON6003 Economics 6 ECON6703 ECON5001 and ECON5002 None None Yes

### Teaching staff

Coordinator Murali Agastya, murali.agastya@sydney.edu.au

## Assessment

Type Description Weight Due Length
Final exam (Take-home short release) Final exam
Final Exam
45% Formal exam period 2.5 hours
Outcomes assessed:
Problem Sets
20% Multiple weeks varies, week to 10 days
Outcomes assessed:
In-semester test (Open book) Mid-semester exam
Mid-semester exam
35% Week 08
Due date: 13 Apr 2022 at 18:00
2 hours
Outcomes assessed:
= Type C in-semester exam
= Type D final exam

### Assessment summary

Detailed information for each assessment can be found on Canvas.

### Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a High distinction indicates work of an exceptional standard, a Distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name

Mark range

Description

High distinction

85 - 100

Distinction

75 - 84

Credit

65 - 74

Pass

50 - 64

Fail

0 - 49

When you don’t meet the learning outcomes of the unit to a satisfactory standard.

### Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

• Deduction of 5% of the maximum mark for each calendar day after the due date.
• After ten calendar days late, a mark of zero will be awarded.

The Current Student website  provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

## Learning support

### Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

### Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

### Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

## Weekly schedule

WK Topic Learning activity Learning outcomes
Week 01 Basic logic, Sets, Types of Proofs Seminar (3 hr)
Week 02 Sequences, Limits, Basic Analysis Seminar (3 hr)
Week 03 Continuity, Differentiation, Mean Value Theorems Seminar (3 hr)
Week 04 Single variable optimisation Seminar (3 hr)
Week 05 Linear algebra Seminar (3 hr)
Week 06 Euclidean Spaces, Functions of many variables Seminar (3 hr)
Week 07 Convexity Seminar (3 hr)
Week 08 Midterm exam Seminar (3 hr)
Week 09 Tools for Comparative statics Seminar (3 hr)
Week 10 Unconstrained multivariate optimisation Seminar (3 hr)
Week 11 Constrained multivariate optimization Seminar (3 hr)
Week 12 Topics in Mathematical Economics Seminar (3 hr)
Week 13 Topics in Mathematical Economics Seminar (3 hr)

### Attendance and class requirements

• Attendance: According to Faculty Board Resolutions, students in the Faculty of Arts and Social Sciences are expected to attend 90% of their classes. If you attend less than 50% of classes, regardless of the reasons, you may be referred to the Examiner’s Board. The Examiner’s Board will decide whether you should pass or fail the unit of study if your attendance falls below this threshold.
• Lecture recording: Most lectures (in recording-equipped venues) will be recorded and may be made available to students on the LMS. However, you should not rely on lecture recording to substitute your classroom learning experience.
• Preparation: Students should commit to spending approximately three hours’ preparation time (reading, studying, homework, essays, etc.) for every hour of scheduled instruction.
• Prior Knowledge: This course is an introduction to mathematical economics it is NOT an introduction to mathematics even though it is essentially a "math" course.  Knowledge of basic algebraic manipulations and a working knowledge of single variable Calculus is assumed.

### Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Recommended Textbook: Carl Simon and Lawrence Blume: Mathematics for Economists, New York, NY : Norton, 2010

Other readings will be available for download from the Canvas site regularly depending on the current topic being covered.

## Learning outcomes

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

• LO1. apply economic theories and concepts to problems and practice
• LO2. critically evaluate underlying theories, concepts, assumptions, limitations and arguments in economics and related fields of study in business
• LO3. develop coherent arguments when recommending solutions and critically evaluating theories in major fields of study.

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

 GQ1 Depth of disciplinary expertise Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline. GQ2 Critical thinking and problem solving Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem. GQ3 Oral and written communication Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context. GQ4 Information and digital literacy Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies. GQ5 Inventiveness Generating novel ideas and solutions. GQ6 Cultural competence Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues. GQ7 Interdisciplinary effectiveness Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries. GQ8 Integrated professional, ethical, and personal identity An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context. GQ9 Influence Engaging others in a process, idea or vision.