MET1 Mathematics for Economists

• Topics

  The course is a standard introductory course in mathematical analysis adapted to economic studies.

  • Functions of one variable: Exponential functions and logarithms, differentiation, convexity, inverse functions, elasticities, implicit differentiation, integration.
  • Geometric series, present value computations.
  • Functions of several variables: Partial derivatives, differentiation, optimizing with and without constraints.

  Sustainability is not a central part of the course, but can be mentioned where it comes in naturally.

• Learning outcome

  Knowledge

  • The student has insight in functions of one or several variables composed by power functions, rational functions, exponential functions, and logarithmic functions, and is aware of how such functions may appear in economic theory.
  • The student understands the concept of differentiation and how this may be applied in discussions and optimisation of functions of one or several variables. This also includes elasticities and implicit differentiation
  • The student is familiar with some simple models of growth and their relevance for questions of sustainable development
  • The student understands how economic values at different points of time may be compared, and how finite and infinite geometric series may be used to analyse simple cash flows
  • The student is familiar with the concept of integration, and how this is related to differentiation

  Skills

  • The student can analyse and discuss functions of one or several variables composed by power functions, rational functions, exponential functions, and logarithmic functions
  • The student can solve problems in financial mathematics by using results from finite and infinite geometric series
  • The student can solve simple problems in integration
  • The student can solve optimization problems with and without side conditions

  General competencies

  • The student can apply mathematical tools to discuss problems within the subjects of economics and business
  • The student can make precise statements and logical arguments about quantitative relations
  • The student can work with economic literature with mathematical content

• Teaching

  Lectures, 10 group exercises (2 hours each).

• Recommended prerequisites

  Matematikk R1 or Matematikk S1+S2

• Required prerequisites

  None

• Credit reduction due to overlap

  Corresponds to MET020

• Compulsory Activity

  Confirmed attendance at minimum 6 out of 10 group sessions.

• Assessment

  4 hour written school exam with pen and paper. All written aids are permitted.

  An assessment will be organised in the the non-teaching semester (spring) for students with a valid course approval.

• Grading Scale

  A - F

• Literature

  O. Dovland og P. Pettersen: Matematikk for økonomistudenter, 3rd edition, Fagbokforlaget, 2019

• Permitted Support Material

  Calculator

  One bilingual dictionary (Category I)

  All written support material permitted (category III)

  All in accordance with Supplementary provisions to the Regulations for Full-time Study Programmes at the Norwegian School of Economics Ch.4 Permitted support material https://www.nhh.no/en/for-students/regulations/https://www.nhh.no/en/for-students/regulations/and https://www.nhh.no/en/for-students/examinations/examination-support-materials/https://www.nhh.no/en/for-students/examinations/examination-support-materials/