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Mathematical Tools for Economists I

Course description:

This course provides an introduction to fundamental mathematic and statistic tools, which are
essential to understand economic theories. It is the first course in a two-course sequence. We
will start with a review of some basic algebraic operations , functions and graphs . Next we
will cover financial mathematics, matrices, and linear programming . Finally a basic
probability theory will be presented.


Essentials of College Mathematics, 3 rd edition,
by Raymond A. Barnett and Michael R. Ziegler.

Student Solutions Manual for
Essentials of College Mathematics, 3rd edition.

A scientific calculator is required for this course. Although no particular model is required,
the ones that can handle the calculation of net present value , annuity, and future value will be
quite helpful for this class.


There will be several take-home quizzes, in-class extra credits, three midterm exams, and a
compulsory cumulative final exam. Your course grades will be determined as followings:
Take-home quizzes and in-class extra credits 15 points

Midterm Exam 1 25 points
Midterm Exam 2 25 points
Midterm Exam 3 25 points
Final 35 points

Take-home quizzes are designed to help you learn how to solve mathematical problems and
familiarize yourself with math tools needed to solve them. You are also encouraged to work
on problem sets in the textbook.

There will be absolutely no make-up exams. The Final cannot be replaced with any other
exam under any circumstances. Only two midterm exams will be counted toward your final
grade; the midterm exam with the lowest score will be dropped. Your grade will be
assigned based on the following scale

Average Points
Average Points

General Policies

You should come and talk to me in my office hours if you have any questions about the class.
Additional office hours can be arranged if necessary. Write me e-mail if you want to make

Disabilities and University policies

The Economics Department will make reasonable accommodations for people with
disabilities. For more information, see the web page of the Office of Disability Services.

We will make reasonable accommodations for students who have conflicts between religious
observance dates and course examinations or assignments. Please talk to me at the beginning
of the semester, if you think you may require such accommodation.

Tentative Schedule

Tentative schedule for midterm exams and final exam is following:
Midterm1: February 16, 2003
Midterm2: March 12, 2003
Midterm3: April 14, 2003
Final exam: May 3, 2004 : 1.30-3.30 p.m.
This schedule is subject to change if necessary.

Week Date Topic
1 01/12-01/14 Introduction 1-1 Sets
  01/16 1-2 Algebra and real numbers
2 01/19 Martin Luther King, Jr. Day ( No class)
  01/21 1-3 Basic operations on polynomials
  01/23 1-4 Factoring polynomials
3 01/26 1-5 Basic operations on rational expressions
  01/28 1-6 Integer exponents and square root radicals
  01/30 1-7 Rational exponents and radicals
4 02/02 2-1 Linear equations and inequalities in one variables
  02/04 2-2 Quadratic equations
  02/06 2-3 Cartesian coordinate system and straight lines
5 02/09 2-4 Functions
  02/11 2-5 Linear and quadratic functions
  02/13 Review
6 02/16 Midterm Exam 1
  02/18 3-1 Exponential functions
  02/20 3-2 The exponential function with base e
7 02/23 3-3 Logarithmic function
  02/25 4-1 Simple interest
  02/27 4-2 Compound interest
8 03/01-03/03 4-3 Future value of an annuity : sinking funds
  03/05- 4-4 Present value of an annuity: amortization
9 03/08  
  03/10 Review
  03/12 Midterm Exam 2
10 03/15 5-1 Systems of linear equations in two variables
  03/17 5-2 Systems of linear equations and augmented matrices
  03/19 5-3 Gauss-Jordan Elimination
11 03/22-03/26 Spring Break ( No class)
12 03/29 5-4 Matrices-Addition and Multiplication by a number
  03/31 5-5 Matrix multiplication
  04/02 5-6 Inverse of a square matrix
13 04/05 5-7 Matrix equations and systems of linear equations
  04/07 6-1 Systems of linear inequalities in two variables
  04/09 6-2 Linear programming in two dimensions
14 04/12 Review
  04/14 Midterm Exam 3
  04/16 7-1 Basic counting principles
15 04/19 7-2 Permutations and Combin
  04/21 7-3 Sample spaces and events
  04/23 7-4 Empirical probability
16   7-5 Random variable, probability distribution, and
  04/26 Expectation
  04/28 Review
  04/30 Review
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