Quantitative Economics
| Code | School | Level | Credits | Semesters |
| ECON1048 | Economics | 1 | 30 | Full Year Malaysia |
- Code
- ECON1048
- School
- Economics
- Level
- 1
- Credits
- 30
- Semesters
- Full Year Malaysia
Summary
The first half of the module provides an introduction to the mathematical methods required for economic modelling, focusing on mathematical finance; analysis of functions; supply and demand; matrix algebra; differentiation; elasticities, maximisation/minimisation; optimisation subject to constraints; Langrange multipliers; integration. The second half introduces the statistical methods and concepts most applicable in Economics. The analysis of economic data necessarily proceeds in an environment where there is uncertainty about the processes that generated the data. Statistical methods provide a framework for understanding and characterising this uncertainty. These concepts are most conveniently introduced through the analysis of single-variable problems. However, economists are most often concerned about relationships among variables. The module builds towards the study of regression analysis, which is often applied by economists in studying such relationships.
Target Students
Year 1 School of Economics students.
Classes
- One 1-hour tutorial each week for 10 weeks
- One 1-hour lecture each week for 22 weeks
- One 2-hour lecture each week for 22 weeks
Assessment
- 20% Coursework 1: Problem Set (in Autumn)
- 20% Coursework 2: Problem Set (in Spring)
- 60% Exam 1 (2-hour): 2 hour exam
Assessed in both autumn & spring semest
Educational Aims
The main aims of this module are:To provide a basis in the fundamentals of Mathematics most relevant to the study of Economics. In particular the focus is on differential calculus, especially its application to optimisation, including constrained optimisation, problemsTo allow students to see how mathematical tools can be applied in the analysis of theoretical economic problems.To facilitate the development of analytical skills leading to an understanding of which economic problems are susceptible to a formal treatment, and which results are capable of formal proof.To introduce such fundamental statistical concepts as probability, the normal distribution, sampling distributions, point estimation, confidence intervals, and hypothesis testing.To introduce the ideas behind regression analysis through simple linear regression.Learning Outcomes
The specific learning outcomes that apply to this module are:
- A5 Show understanding of relevant mathematical and statistical techniques
- B1 work with abstract concepts and in a context of generality
- B2 reason logically and work analytically
- C2 Understand the sources and content of economic data and evidence, as well as appropriate methods of analysis
- D1 apply mathematical, statistical and graphical techniques in an appropriate manner
Conveners
- Saizi Xiao