Essential Mathematics for Economic Analysis

Essential Mathematics for Economic Analysis

• This book, a bestseller, provides fundamental mathematical tools for economics students.
• It's now in its fourth edition, with updated content.
• MyMathLab Global is a helpful online learning platform for additional practice, feedback, and personalized study plans.
• A Student's Manual with extended solutions to problems is available online.
• Economic theory is mathematical analysis, meaning all economic concepts are derived mathematically.

Purpose

• Modern economics students need strong mathematical skills, even in applied fields like public finance.
• Important mathematical tools, including single and multi-variable calculus, and multivariate optimization, are essential.
• Linear algebra is used in economics and econometrics.
• The book aims to teach necessary mathematics to engage with economic literature effectively, and for conducting successful undergraduate research projects.
• It focuses on a progressive learning approach, emphasizing economic applications to motivate mathematical concepts.
• The book emphasizes mathematical proficiency rather than economic theory, which students should learn from other courses.

Special Features

• The book features a large number of problems, including review problems at chapter ends.
• Solutions are provided for most problems, often with detailed steps.
• The text is developed in collaboration with other economists.
• The fourth edition has new problems and some improved figures.

Content Examples (Section 1.1)

• The real numbers include both rational and irrational numbers.
• Rational numbers are represented by repeating or terminating decimal fractions.
• Irrational numbers represent non-repeating decimals.
• The real numbers are represented by the number line.

Content Examples (Section 1.2)

• Integer powers, such as 10³, (−0.3)², 4⁻², and (0.1)⁻¹, are basic mathematical concepts.
• Problems involve converting numbers to power representations.
• Example problem: Writing numbers as powers of 2

Content Examples (Section 1.4)

• Fractions are crucial mathematical tools in economics
• Fractions are written as a÷b with the top value being the numerator and the bottom value being the denominator, examples include, 5/8 and 19/8.
• Improper fractions (where the numerator is greater than or equal to the denominator) can be converted to mixed numbers (whole number plus a fraction), for example, 19/8 = 2 3/8.

This quiz covers the fundamental mathematical tools required for economics students, as outlined in the book 'Essential Mathematics for Economic Analysis.' Topics include calculus, linear algebra, and optimization, essential for understanding economic theories and engaging with literature. It aims to equip students with the skills necessary for successful research in economics.