UNIVERSITY OF KENT

Module Specification

1. Title:

Mathematics for Economics and Business, Mode B (EC306)

2. Level:

Certificate - Stage 1, (First Year) (FHEQ Level: 4)

3. Units/ Credits:

1 / 15, Autumn Term

4. Pre/co-requisite:

Students are expected to have a Mathematics background well below A-Level Mathematics. For the UK, this equates normally to GCSE mathematics.

5. Target Intake:

75-90 students

Contact hours:

24 hours of lectures and 12 hours of seminars.

Hours of study:

Approximately 7 hours per week in addition to lectures/seminars and in total 10 hours a week during term time. This makes a total work load of 150 hours, including half of the 6 week exam term.

6. Rationale:

This is an introductory mathematics module for students with only GCSE Maths, who need to study the mathematics skills relevant for entry to Stage 2 of an Economics degree. Students following economics degree programmes have to take either this module or the corresponding mode A module (EC305).

Aims:

The main aim is to provide students with a basic understanding of Mathematics suitable for the Stage 2/3 degree programme in Economics, ( and Accounting and, to a certain extent, other Social Science programmes, if relevant). It is important to place the Mathematics material into a clear contextual framework, and to link it to an A-Level or Stage 1 module in Economics. This is achieved by putting the mathematical problems in an economics framework, which is also linked to the core textbooks in the first year Economics modules.

Objectives of the Module

By the end of the module students should be able to:

  • appreciate why economists use mathematics
  • understand how functions and equations are used in economics
  • calculate elasticities and work out equilibrium outcomes
  • differentiate simple functions and economic relationships
  • sketch curves and understand optimising behaviour in the context of marginal relationships
  • differentiate multivariable functions and calculate partial elasticities
  • solve linear programs as the simplest illustration of constrained optimisation
  • understand the basic concepts concerning matrices and matrix algebra
  • present solutions to mathematical problems and work in groups

The objectives will be achieved through the teaching methods and organisation of the module.

7. Organisation and Content

The module is structured around 24 lectures and an integrated seminar programme. There are 2 lectures and one seminar a week during the 12 week teaching period. A reasonable amount of supporting material is issued detailing the content of some lectures, as well as solutions to class tests and assessments. All the module materials are available on WebCT.

The topics considered in the module are: basic algebra; linear equations and functions; non-linear equations; differentiation of bivariate functions; differentiation of multivariate functions; special functions like exponential; optimisation and curve sketching; linear programming and matrix algebra.

8. Teaching Methods:

Lectures introduce the basic principles of mathematics and how mathematics can be used to present economic ideas and set out economic theory in a rigorous and deductive way. The seminars are based on problem sets, and students can either work individually or in small groups. The module assumes mathematical ability up to GCSE Maths.

Skills

The skills required for this introductory module are mainly numeracy, problem solving and a deductive approach to economic analysis. Communication in the seminar forum is encouraged by showing classmates how to solve problems on the Board. The trick is to explain the method, and not simply write an answer on the Board. Group work is encouraged, as is information technology. There are many web sites that support Maths learning, in particular the Economics Network based at Bristol. Finally the link between mathematics and economics helps students to appreciate how the methods and concepts of one subject can have a very powerful influence on another subject, so mathematical skills add considerable value to their economic skills.

Relationship of Skills to Objectives

The students are put into groups for seminar work and, thus, become familiar with working in groups. The skills involved in studying mathematics will be developed, taught and discussed throughout the 12 week term in the seminar programme, and progress will be monitored through formal class tests, so that students with difficulties in acquiring the relevant skills can be identified and helped.

9. Assessment and Examination Methods

The final mark is a weighted average of the coursework mark (based upon two one hour class test and it receives a 20% weight) and the examination mark (a two hour examination in June with five compulsory questions and it receives a 80% weight).

The class exercises and tests develop the students' analytical and problem solving abilities. The development of these skills contribute to the achievement of the objectives set out above. Advice and help with problem solving is given in seminars and in staff office hours. This is followed up through feedback on the class tests, leading hopefully to successful exam outcomes along with the confidence to undertake Stage 2 of the Economics degree. The questions in the class tests and exercises are based on all the module material.

The examination requires students to answer five compulsory questions. It is important that students have a comprehensive understanding of the all the material contained in the module, hence the five compulsory questions. The examination and the coursework tests the full range of the knowledge and concepts developed in the module. Working for the examination develops students' understanding, and analytical and problem solving skills.

Students who are having serious difficulties in this module are identified by week 6 and are closely monitored.

10. Reading:

I. Jacques, Mathematics for Economics and Business, Addison Wesley.

Richard Lipsey and Alec Chrystal, Economics, Oxford University Press.

11. Feedback:

Through a module evaluation form, the Staff-Student Consultative Committee and informal feedback. The evidence and resulting decisions are reported back to students through the Consultative Committee after discussion at the Economics Teaching Committee and School Meetings. The School’s Teaching Committee follows up these reports and the actions that may be necessary to improve the quality of teaching.

12. Resources:

Library - Purchasing new editions of books or new copies when new texts are introduced.

Staff: This or a similar module has been taught for the last 20 years and a small number of staff have experience of lecturing this module. Seminar leaders are provided with solutions to all the problem sets and, where appropriate, undergo an induction course.

Timetable: Provision already exists in the timetable for the lectures and seminars.

Convenor: Professor Alan Carruth

Approval:

This module has been examined and discussed by the School of Economics and the Head of School's signature signifies School approval.