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MATHEMATICS APPLIED IN ECONOMICS

Course Code: ECTS 112 • Study year: I • Academic Year: 2022-2023
Domain: Business Administration • Field of study: Business Administration (in English)
Type of course: Compulsory
Language of instruction: English
Erasmus Language of instruction: English
Name of lecturer: Pax Dorin Wainberg-Drăghiciu
Seminar tutor: Pax Dorin Wainberg-Drăghiciu
Form of education Full-time
Form of instruction: Class
Number of teaching hours per semester: 56
Number of teaching hours per week: 4
Semester: Autumn
Form of receiving a credit for a course: Grade
Number of ECTS credits allocated 6

Course aims:

This course is designed to introduce students to various topics in mathematics and uncertainty that they will encounter in economics sciences.
The concepts are illustrated with actual examples from the specialized literature. Exercises are designed to encourage the student to begin thinking about applied mathematics within a theoretical context. Today, the theory of applied mathematics has found many applications in economics. In this cou
Mathematics is increasingly important in terms of the expression and communication of ideas in economics. A thorough knowledge of mathematics is indispensable for understanding almost all fields of economics, including both applied and theoretical fields. Especially understanding of elements of calc
This class is designed to provide the appropriate mathematical tools for students who are interested in economics with policy concentration. The formal derivations of the mathematical tools needed will be the heart of this class. Economic concepts and models can often be easily and precisely describ
Therefore, as applications of the mathematical concepts covered in class, examples and motivation will be drawn from important topics in economics.

Course Entry Requirements:

-

Course contents:

Chapter 1. Linear Programming 1.1. Solving a linear programming problem 1.2. Duality. Dual simplex algorithm 1.3. Reoptimization of linear programming problems 1.4. Parametric linear programming 1.5. Transportation problems 1.6. Reoptimization of transportation problems 1.7. Parametric transportation problems 1.8. Special types of transportation problems Chapter 2. Elements of financial mathematics 2.1 . Simple interest 2.2 . Compound interest 2. 3. Annual installment payments (annuities) 2.4 . Repayment of loans and borrowings

Teaching methods:

Lecture, conversation, exemplification

Learning outcomes:

Modelling and solving some medium complexity level problems, using the mathematical and computer sciences knoweledges.

Learning outcomes verification and assessment criteria:

Written paper 50%; mid-term test 30%; seminar activities 20%.

Recommended reading:

Bronson, G., Mathematics For Business, Independently published, 2016,
Camacho, L., Financial Matehematics, Independently published, 2015,
Carter, M., Mathematical Economics, MIT, Cambridge, 2001
Nering, E. D., Tucker, A. W.,, Linear Programs and Related Problems, Academic Press, Boston, 1993
Nash, S. and Sofer, A.,, Linear and Nonlinear Programming, McGraw-Hill, New York, 1996