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Mathematical Methods for Economics

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Contents: 1. Preliminaries Set and Function, 2. Functions of One Real Variable, 3. Introduction to Linear Algebra: Determinants and Matrix, 4. Derivatives, 5. Single-variable Optimization, 6. Integration of Functions, 7. Differential Equations, 8. Linear Algebra and Linear Programming, 9. Functions of Several Real Variables, 10. Multi-variable Optimization, 11. Differential Calculus, 12. Input Output Analysis

SKU: Mathematical Methods for Economics Category: Economics Tags: Economics, Mathematical Methods

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Author: Dr. Nandkishor Vyas, Dr. Vijay Kumar Ari
ISBN: 9789394867291
Published: 2024
Genre: Economics
Language: English
Pages: 361
Format: Hardcover

About The Book: Mathematical economics is a method of economics that utilizes math principles and tools to create economic theories and to investigate economic quandaries. Mathematics permits economists to construct precisely defined models from which exact conclusions can be derived with mathematical logic, which can then be tested using statistical data and used to make quantifiable predictions about future economic activity. Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics. Often, these applied methods are beyond simple geometry and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods. Proponents of this approach claim that it allows the formulation of theoretical relationships with rigor, generality, and simplicity. Determinants and matrices, in linear algebra, are used to solve linear equations by applying Cramer’s rule to a set of non-homogeneous equations which are in linear form. Determinants are calculated for square matrices only. If the determinant of a matrix is zero, it is called a singular determinant and if it is one, then it is known as unimodular. Integration is the most fundamental tool in calculus. As we know, there are two types of integrals- definite and indefinite integrals. The need for integral calculus arises for solving a function when its derivative is given or to find the area bounded by the graph of a function under certain conditions. It can be calculated by drawing rectangles under the curve and adding those areas. This book offers a clear and comprehensive presentation of the mathematics required to tackle problems in economic analyses, providing not only a straightforward exposition of mathematical methods for economics students at the intermediate and advanced undergraduate levels but also a large collection of problem sets.