Essential Mathematics for Economic Analysis
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Questions and Answers

What online resource is specifically mentioned as aiding students in math problem-solving?

  • LearnMath Pro
  • MyMathLab Global (correct)
  • EconMath Solutions
  • MathHelp Online
  • Which of the following best describes Knut Sydsæter's current position?

  • Emeritus Professor of Economics at Stanford University
  • Emeritus Professor of Mathematics in the Economics Department at the University of Oslo (correct)
  • Visiting Professor at various universities
  • Actively teaching in the Economics Department
  • What feature does MyMathLab Global offer to assist with personalized study plans?

  • Live tutoring sessions
  • Pre-set study schedules
  • Automated quizzes without feedback
  • Personalized study plans focusing on weaknesses (correct)
  • In which year did Peter Hammond become a Professor at the University of Warwick?

    <p>2007</p> Signup and view all the answers

    What type of resource is provided online to help students with extended worked answers?

    <p>Students' Manual</p> Signup and view all the answers

    What is primarily emphasized in the Essential Mathematics for Economic Analysis book?

    <p>The progression of mathematical skills for economics students</p> Signup and view all the answers

    Which mathematical tool is notably emphasized for understanding economic theory?

    <p>Calculus for the functions of several variables</p> Signup and view all the answers

    What is the intended purpose of the Essential Mathematics for Economic Analysis?

    <p>To prepare students for undergraduate research and thesis work</p> Signup and view all the answers

    How does the book facilitate the learning of mathematical topics?

    <p>By presenting mathematical topics alongside relevant economic applications</p> Signup and view all the answers

    Which area of mathematics is used alongside calculus in the context of economic analysis as mentioned?

    <p>Linear algebra for system solutions</p> Signup and view all the answers

    Study Notes

    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.

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    Description

    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.

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