MATHEMATICS AND STATISTICS FOR ECONOMICS
Introduction:
- Nature and Scope of Mathematical Economics
- Role of Mathematics in Economic Theory
Functions and Functional Relations:
- Linear and Non- Linear Functions
- Demand and Supply Functions
- Liquidity Preference Functions
- Production Possibility Curves
- Indifference Curves
Concept of Sets:
- Meaning and Types
- Union of Sets
- Intersection of Sets
Module 2: Economic Application of Linear Functions
- Determination of Market Equilibrium Price and Quantity
- Impact of Specific Tax on Market Equilibrium
- Impact of Subsidy on Market Equilibrium
Module 3: Derivatives of Functions
- Concept of Limit and Continuity
- First Principle of Differentiation Relating to Algebraic Functions
- Application of Differential Calculus to Economics to Derive Marginal Revenue and Marginal Cost Function and Total Revenue and Total Cost Functions
- Elasticity of Demand
- Revenue/Profit Maximization and Cost Minimization
Module 4: Definition and Scope of Statistics
- Definition
- Importance of Statistics in Economics
- Limitations
Module 5: Sources of Data and Presentation of Data
- Primary and Secondary Sources
- Classification and Tabulation of Data
- Diagrammatic Representation of Data
Module 6: Measures of Central Tendency
- Mean, Median, Mode
- Geometric Mean and Harmonic Mean for Grouped and Ungrouped Data
Module 7: Measures of Dispersion
- Range, Semi-Inter Quartile Range,
- Mean Deviation and Standard Deviation
- Lorenz Curve
Recommended Text Books
1. Veerachamy R (2005) Quantitative Methods for Economics, New Age International (P) Limited Publishers, New Delhi.
2. Bose D (2000) An Introduction to Mathematical Economics, Himalaya Publishing House, Mumbai.
3. Anderson David R, Dennis J, Sweeney and Thomas A. Williams, (2002) Statistics for Business and Economics, Thomson South – Western, Singapore
4. Dr.C.K. Renukarya “ Mathematics and Statistics for Economics” Chetana Publication
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