COURSE INFORMATION
Course Title: MATH. FOR ECONOMICS AND BUSINESS II
Code Course Type Regular Semester Theory Practice Lab Credits ECTS
BUS 102 A 2 4 0 0 4 5
Academic staff member responsible for the design of the course syllabus (name, surname, academic title/scientific degree, email address and signature) NA
Lecturer (name, surname, academic title/scientific degree, email address and signature) and Office Hours: Fatih Mehmet Karakuş
Second Lecturer(s) (name, surname, academic title/scientific degree, email address and signature) and Office Hours: NA
Teaching Assistant(s) and Office Hours: NA
Language: English
Compulsory/Elective: Compulsory
Classroom and Meeting Time:
Course Description: Mathematics for Economics and Business II: Limits and Continuity. Average Rate of Change and Slope. Derivatives, Instantaneous Rate of Change, Higher Order Derivatives. Optimization, Concavity of Inflection Points. Maxima and Minima. Revenue, Cost and Profit Applications, Anti Derivatives, Rules of Integration, Differential Equations, Mathematics of Finance, Simple and Compound Interest, Present Value, Effective Interest, Future Value, Annuities.
Course Objectives: The aim of this course is to give the basic ingredients of mathematics for business and economics. Namely, functions, derivatives and differentials. Moreover, most of the models in economics appear in the form of linear models.
COURSE OUTLINE
Week Topics
1 Differentiation & Marginal Functions
2 Optimization
3 Elasticity
4 Partial differentiation
5 Partial Elasticity
6 Review: Partial differentiation
7 Midterm
8 Lagrange Multipliers
9 Unconstrained Optimization
10 Constrained Optimization
11 Integration
12 Matrices
13 Differential equations
14 Review: Integration, Matrices, Differential equations
Prerequisite(s):
Textbook: Ian Jacques, Mathematics for Economics and Business, Printice Hall Inc., Harlow, 2006
Other References: 1-E. F. Haeussler, Jr. and R. S. Paul (1999) Introductory Mathematical Analysis, Perentice-Hall Inc. New Jersey.
Laboratory Work:
Computer Usage:
Others: No
COURSE LEARNING OUTCOMES
1 Estimate the derivative of a function by measuring the slope of a tangent.
2 Derive the relationship between marginal and average revenue
3 Differentiate complicated functions using a combination of rules.
4 Determine the price elasticity for general linear demand functions.
5 Use the first and the second-order derivative to find maximum and minimum points of a function with one variable.
6 Perform implicit differentiation.
7 Use the first and the second-order derivative to find maximum and minimum points of a function with two variables.
8 Use the method of Lagrange multipliers to solve constrained optimisation problems.
9 Use methods of integration to calculate the consumer’s surplus, producer’s surplus, capital stock formation
10 Use matrix inverses to solve systems of linear equations arising in economics.
COURSE CONTRIBUTION TO... PROGRAM COMPETENCIES
(Blank : no contribution, 1: least contribution ... 5: highest contribution)
No Program Competencies Cont.
Bachelor in Economics (3 years) Program
1 Students define the fundamental problems of economics 2
2 Students describe key economic theories 2
3 Students critically discuss current developments in economics 1
4 Students appropriately use software for data analysis
5 Students critically contextualize the selection of an economic problem for research within scholarly literature and theory on the topic
6 Students apply appropriate analytical methods to address economic problems 3
7 Students use effective communication skills in a variety of academic and professional contexts
8 Students effectively contribute to group work 1
9 Students conduct independent research under academic supervision
10 Students uphold ethical values in data collection, interpretation, and dissemination 2
11 Students critically engage with interdisciplinary innovations in social sciences
12 Student explain how their research has a broader social benefit
COURSE EVALUATION METHOD
Method Quantity Percentage
Midterm Exam(s)
1
35
Quiz
2
7.5
Final Exam
1
40
Attendance
10
Total Percent: 100%
ECTS (ALLOCATED BASED ON STUDENT WORKLOAD)
Activities Quantity Duration(Hours) Total Workload(Hours)
Course Duration (Including the exam week: 16x Total course hours) 16 4 64
Hours for off-the-classroom study (Pre-study, practice) 16 2 32
Mid-terms 1 10 10
Assignments 0
Final examination 1 15 15
Other 4 1 4
Total Work Load:
125
Total Work Load/25(h):
5
ECTS Credit of the Course:
5