Course detail
Mathematic of Economics
FP-VmePAcad. year: 2013/2014
The subject is a part of theoretical fundamentals. The aim is to manage calculations with numeric variables (including the use of IT), combinatorics, and the analysis of functions of one real variable, including their applications in economic disciplines.
Language of instruction
Number of ECTS credits
Mode of study
Guarantor
Department
Learning outcomes of the course unit
Prerequisites
Co-requisites
Planned learning activities and teaching methods
Assesment methods and criteria linked to learning outcomes
- active participation in the seminars where the attendance is compulsory,
- fulfilment of individual tasks and successful completion of written assignments,
- completion of a written test in the course of semestr marked at least with
“E”.
Awarding of course-unit is a necessary condition to be admitted to the exam.
The exam has a written and an oral part with the written part being more important. The written part takes two hours and contains the following types of tasks with maximum points awarded in brackets:
1. Depicting of the graph of a function (13 points).
2. Calculation of a value of a derivative at a given point (14 points).
3. To state a hypothesis on a function limit and calculation of the limit using basic formulas (11 points).
4. Task regarding combinatorics (11 points).
5. Task regarding economic or geometric application of derivation or differential (11 points).
6. Determining a course of a function-polynomial of the third degree (40 points).
Other conditions include: achieving at least 30 points in tasks 1-5 together and at least 20 points in task 6 and no more than one tasks is awarded "0" points.
The written part is marked in points and reflects the points achieved in individual tasks. If any task is marked "0" then the student can not obtain grades A,B,C. If the student does not achieve at least 50 points out of 100 or if any other condition is not satisfied, the written part of the exam and the whole exam will be graded as “F” (failed) and the student cannot proceed to the oral part. Grading of the written part is as follows: “A” is awarded for 90–100 points, “B” for 80-89 points, “C” for 70-79 points, “D” for 60-69 points, “E” for 50-59 points.
The written exam is followed by an oral exam which does not take more than 10 minutes. Its main objective is to make the classification more accurate. In the oral exam, the student informed about the results achieved in the individual tasks of the written exam. Possible discrepancies in the written part can be solved in the oral exam. If appropriate, additional questions can be placed, and the student is given time to prepare.
Course curriculum
2. Demand and supply
3. Revenue, cost, profit
4. Elasticity
5. Production
6. Utility
7. National income
Work placements
Aims
Specification of controlled education, way of implementation and compensation for absences
Recommended optional programme components
Prerequisites and corequisites
Basic literature
C.J. McKenna and R. Rees, Economics: A Mathematical Introduction, Oxford University Press Inc., New York, 1992 (EN)
I. Mezník, Úvod do matematická ekonomie pro ekonomy,FP VUT v Akademickém nakladatelství CERM,s.r.o., Brno 2011 (CS)
J.U. Koch and L.A. Ostrosky, Introduction to Mathematical Economics, McGraw-Hill Inc., Singapore, 1994 (EN)
Recommended reading
Classification of course in study plans