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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
twocourse 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.
Materials:
Required:
Essentials of College Mathematics, 3 rd edition,
by Raymond A. Barnett and Michael R. Ziegler.
Optional:
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.
Grading:
There will be several takehome quizzes, inclass extra credits, three midterm
exams, and a
compulsory cumulative final exam. Your course grades will be determined
as followings:
Takehome quizzes and inclass extra credits 15 points
Midterm Exam 1 25 points
Midterm Exam 2 25 points
Midterm Exam 3 25 points
Final
35 points
Takehome 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 makeup 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  
Grade  
Average Points  
Grade 
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 email if you
want to make
appointment.
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 : 1.303.30 p.m.
This schedule is subject to change if necessary.
Week  Date  Topic 
1  01/1201/14  Introduction 11 Sets 
01/16  12 Algebra and real numbers  
2  01/19  Martin Luther King, Jr. Day ( No class) 
01/21  13 Basic operations on polynomials  
01/23  14 Factoring polynomials  
3  01/26  15 Basic operations on rational expressions 
01/28  16 Integer exponents and square root radicals  
01/30  17 Rational exponents and radicals  
4  02/02  21 Linear equations and inequalities in one variables 
02/04  22 Quadratic equations  
02/06  23 Cartesian coordinate system and straight lines  
5  02/09  24 Functions 
02/11  25 Linear and quadratic functions  
02/13  Review  
6  02/16  Midterm Exam 1 
02/18  31 Exponential functions  
02/20  32 The exponential function with base e  
7  02/23  33 Logarithmic function 
02/25  41 Simple interest  
02/27  42 Compound interest  
8  03/0103/03  43 Future value of an annuity : sinking funds 
03/05  44 Present value of an annuity: amortization  
9  03/08  
03/10  Review  
03/12  Midterm Exam 2  
10  03/15  51 Systems of linear equations in two variables 
03/17  52 Systems of linear equations and augmented matrices  
03/19  53 GaussJordan Elimination  
11  03/2203/26  Spring Break ( No class) 
12  03/29  54 MatricesAddition and Multiplication by a number 
03/31  55 Matrix multiplication  
04/02  56 Inverse of a square matrix  
13  04/05  57 Matrix equations and systems of linear equations 
04/07  61 Systems of linear inequalities in two variables  
04/09  62 Linear programming in two dimensions  
14  04/12  Review 
04/14  Midterm Exam 3  
04/16  71 Basic counting principles  
15  04/19  72 Permutations and Combin 
04/21  73 Sample spaces and events  
04/23  74 Empirical probability  
16  75 Random variable, probability distribution, and  
04/26  Expectation  
04/28  Review  
04/30  Review 
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