Course detail
Mathematic of Economics
FP-VmePAcad. year: 2017/2018
The subject deals with the modelling of economic processes (micro and macro) by means of exact means of current engineering mathematics to set up conditions for subsequent computerizing. The contents includes : demand and supply analysis; revenue, cost and profit analysis; elasticity of demand and supply;production;utility; accounting of national income.
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 course of the exam:
The exam has the written and the oral part with the written part taking two hours being more important. 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.The written part contains the following tasks with maximum points awarded in brackets:
1. Decision making task on the type of economic function (10 points).
2. Definition and interpretation of an economic quantity (20 points).
3. Computation task (30 points).
4. Computation task (40 points).
The overall assessment of the written part is given by the sum of points reached from the tasks 1-4 together with the fullfiling of the following conditions (a),(b),(c):
(a) Reaching at least 11 points in the sum of points from tasks 1 and 2
(b) Reaching at least 10 points from task 3
(c) Reaching at least 10 points from task 4
points
A excellent 1 90-100
B very good 1- 80-89
C good 2 70-79
D satisfactory 2- 60-69
E sufficient 3 50-59
7 failed 4 0-49 or not fullfiling at least one of the conditions (a),(b),(c)
The overal assessment of the exam is the result of the overall assessment of the written part and the oral part.The student may reject the overal assessment B,C,D,E. This must be realized immediately before the closing of the assessment by the examiner. In such event. the student is classified as "F" and he may repeat the exam in the next term assuming that he still did not realized three attempts
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