ETC2440 - Mathematics for economics and business

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Overview

This unit introduces mathematical techniques that are invaluable tools for econometrics, economics, finance, and business. Topics covered include matrix algebra, linear simultaneous equations and the LU decomposition, eigenvalues and the Schur decomposition, random vectors; optimisation, including the Lagrange multiplier method, partial differentiation, multiple integration, difference and differential equations. Some emphasis … For more content click the Read More button below.

This unit introduces mathematical techniques that are invaluable tools for econometrics, economics, finance, and business. Topics covered include matrix algebra, linear simultaneous equations and the LU decomposition, eigenvalues and the Schur decomposition, random vectors; optimisation, including the Lagrange multiplier method, partial differentiation, multiple integration, difference and differential equations. Some emphasis will be given to the use of computer programs for performing matrix calculations.

Offerings

S1-01-CLAYTON-ON-CAMPUS

Requisites

Prerequisite

STA1010

6 CP

Statistical methods for science

Business and economic statistics

Introduction to statistical analysis

FIT1006

6 CP

Business information analysis

SCI1020

6 CP

Introduction to statistical reasoning

Prohibition

Rules

Enrolment Rule

If you are enrolled in course B6001 or B6014, there is no prerequisite.

To be successful in this unit, background knowledge and application of maths is required at the equivalent of VCE Year 12 Higher level. You may have satisfied this by completing relevant prerequisite unit/s, or you have covered relevant topics in your final years of secondary study. You should self-assess your maths competency prior to enrolling in this unit.

Contacts

Chief Examiner(s)

Mr John Stapleton

Learning outcomes

On successful completion of this unit, you should be able to:

provide a practical training in basic mathematics needed for the study of econometrics

examine the calculus of many variables and its application in econometrics and business statistics

have a basic understanding of matrix algebra

provide a training in the use of mathematical software.

Teaching approach

Active learning

Assessment

1 - Within semester assessment

2 - Examination

Scheduled and non-scheduled teaching activities

Lectures

Tutorials

Workload requirements

Workload

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.

Other unit costs

Costs are indicative and subject to change.
Electronics, calculators and tools: $40