ULMS Electronic Module Catalogue
The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title MATHEMATICAL ECONOMICS 2
Code ECON211
Coordinator Dr Y Li
Economics
Yan.Li3@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2020-21 Level 5 FHEQ Second Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):
ECON112 STATISTICS FOR ECONOMICS AND BUSINESS; ECON113 MATHEMATICAL ECONOMICS 

Modules for which this module is a pre-requisite:
 

Programme(s) (including Year of Study) to which this module is available on a required basis:
 

Programme(s) (including Year of Study) to which this module is available on an optional basis:
 

Teaching Schedule
  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours     12

     12

24

 48
Timetable (if known)     60 mins X 1 totaling 12
  		    60 mins X 1 totaling 12
120 mins X 1 totaling 24
  		 
Private Study 102
TOTAL HOURS 150

Assessment
EXAM Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 1: Online Mid-Term Assessment Type: Written Exam Duration: 24 hours Weighting: 20% Reassessment Opportunity: Yes Penalty for Late Submission: Non-standard penalty applies: Late su  24 hours (1 hour exp    20       
Assessment 2: Written Online Assessment Assessment Type: Written Exam Duration: 24 hours Weighting: 80% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applie  24 hours    80       
CONTINUOUS Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
             

Aims

The aim of this module is to introduce students to the use of mathematical models in the study of Economics
To build on the material of Year 1 Mathematics and Economics and deepen students' knowledge of mathematical techniques involved in Microeconomics and game theory
To develop more advanced mathematical skills
To develop an ability to use models to solve economic problems

Learning Outcomes

(LO1) Students will be able to revise univariate calculus.

(LO2) Students will be able to introduce matrix algebra.

(LO3) Students will be able to acquire skills with multivariate calculus.

(LO4) Students will be able to develop study optimisation.

(LO5) Students will be able to apply these skills to microeconomic problems

(LO6) Students will be able to apply these skills to macroeconomic problems

(S1) Problem-solving skills

(S2) Numeracy

Teaching and Learning Strategies

Teaching Delivery: Mixed, hybrid delivery, with social distancing on campus.

Teaching Method 1 – Online Asynchronous Learning Materials
Description: The key theory will be introduced via weekly 2-hour asynchronous videos.
Unscheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method 2 – Tutorial
Description: Tutorials will practice and build on the material covered in lectures
Scheduled Directed Student Hours: 12
Attendance Recorded: Yes

Teaching Method 3: Group Study
Description: Weekly 1-hour group session to foster student community and engagement by working with others on their ‘active learning’ activities
Scheduled Student Hours: 12
Attendance recorded: No

Self-Directed Learning Hours: 102
Description: Learning will also be reinforced by appropriate readings from the course text. See CANVAS for more details.

Costs Information:
There are no specific costs for students associated with this module

This module is a pre-requisite for the following modules:
ECON308
ECON363

Skills/Other Attributes Mapping

Skills / attributes: Numeracy
How this is developed: tutorials and exams
Mode of assessment (if applicable): Mid-term test and Examination

Skills / attributes: Problem-solving skills
How this is developed: tutorials and exams
Mode of assessment (if applicable): Examination

Syllabus
 

(Applications may vary)
Economic Models;
Univariate Calculus: Theory – Review;
Univariate Calculus: Application - Perfect Competition;
Univariate Calculus: Application - Monopoly;
Univariate Calculus: Application – Oligopoly;
Matrix Algebra: Theory - Basic Operations;
Matrix Algebra: Theory - Basic Operations;
Matrix Algebra: Theory -The Inverse of a Matrix;
Matrix Algebra: Theory - Systems of Equations & Cramer’s Rule; Matrix Algebra: Application - IS-LM Analysis;
Multivariate Calculus: Theory - Derivatives & Differentials; Multivariate Calculus: Theory - Implicit Functions;
Multivariate Calculus: Application - Balanced Budget Multipliers; Unconstrained Multivariable Optimization: Theory;
Unconstrained Multivariable Optimization: Application - Profit Maximisation;
Unconstrained Multivariable Optimisation: Application: Duopoly; Constrained Optimisation: Theory;
Constrained Optimisation : Application - Utility Analysis;

Time permitting:
Difference Equations: Theory;
Difference Equations: Application - Simple Keynesian Model & Cobweb Model;

Catch up and Review of Module.

Recommended Texts
Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.