Students
ECON764 – Mathematical Techniques in Economics
2017 – S2 Evening
General Information
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| Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Edwin Franks
Contact via edwin.franks@mq.edu.au
E4A 421
Available on iLearn
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|---|---|
| Credit points |
Credit points
4
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| Prerequisites |
Prerequisites
Admission to MRes
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| Corequisites |
Corequisites
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| Co-badged status |
Co-badged status
ECON764
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| Unit description |
Unit description
This unit is concerned with the mathematical techniques to problems of economic theory and policy. The theoretical section will deal with dynamics and comparative statistics. The use of difference and differential equations in the analysis of business cycles and economic growth will be the main concern of the dynamics component while the comparative statistics section deals with optimisation techniques and the stability requirements that are obtained from the dynamic analysis.
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Important Academic Dates
Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
Learning Outcomes
On successful completion of this unit, you will be able to:
- Apply linear algebra techniques to determine equilibrium outcomes to macroeconomic models.
- Use the technique of Lagrange multipliers to solve probems in consumer and producer theory.
- Apply calculus and linear algebra to calculate the comparative statics determined by an economic model.
- Understand the theory which underlies the techniques learned.
Assessment Tasks
| Name | Weighting | Hurdle | Due |
|---|---|---|---|
| Quiz | 10% | No | 1 September 2017 |
| Mid-Semester Test | 20% | No | 11 October 2017 |
| Assignment | 20% | No | 27 October 2017 |
| Final Exam | 50% | No | Exam Period |
Quiz
Due: 1 September 2017
Weighting: 10%
Description
This is an online quiz which helps students check their understanding of the material in the first five weeks.
Extension
There will be no extensions. In the case of unavoidable circumstances students and a successful application under the Disruption to Studies a supplementary online quiz will be given.
On successful completion you will be able to:
- Apply linear algebra techniques to determine equilibrium outcomes to macroeconomic models.
- Understand the theory which underlies the techniques learned.
Mid-Semester Test
Due: 11 October 2017
Weighting: 20%
Description
This test covers the models and techniques given in the first part of ECON764. It also prepares students for the format and difficulty of the final exam.
Submission
The test will be held during lecture during week 9, 11 October 2017.
Extension
There will be no extensions. In the case of unavoidable circumstances students and a successful application under the Disruption to Studies a supplementary mid-semester test will be given.
Collecting Marked Tests
Marked tests will be be available for collection by the end of week 11 and solutions will be available online.
On successful completion you will be able to:
- Apply linear algebra techniques to determine equilibrium outcomes to macroeconomic models.
- Apply calculus and linear algebra to calculate the comparative statics determined by an economic model.
Assignment
Due: 27 October 2017
Weighting: 20%
Description
This assignment gives a selection of problems based mainly on those from the textbook. It covers all the material included in ECON764.
Submission
The assignment has to be handed in at by 4:30pm Friday 27 October 2017 either in class or at the postgraduate office on level 2 of building E4A.
Extension
No extensions will be granted. There will be a deduction of 10% of the total available marks made from the total awarded mark for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission – 20% penalty). This penalty does not apply for cases in which an application for disruption to studies is made and approved. No submission will be accepted after solutions have been posted.
Collecting Marked Assignments
Marked assignments will be be available for collection by the end of week 13 and solutions will be available online.
On successful completion you will be able to:
- Apply linear algebra techniques to determine equilibrium outcomes to macroeconomic models.
- Use the technique of Lagrange multipliers to solve probems in consumer and producer theory.
- Apply calculus and linear algebra to calculate the comparative statics determined by an economic model.
- Understand the theory which underlies the techniques learned.
Final Exam
Due: Exam Period
Weighting: 50%
This examination covers the models and techniques given in throughout ECON764.
Description
This examination covers the models and techniques given in throughout ECON764.
Submission
The test will be held during lecture during the university exam period.
Extension
There will be no extensions. In the case of unavoidable circumstances students and a successful application under the Disruption to Studies a supplementary final exam will be given.
On successful completion you will be able to:
- Apply linear algebra techniques to determine equilibrium outcomes to macroeconomic models.
- Use the technique of Lagrange multipliers to solve probems in consumer and producer theory.
- Apply calculus and linear algebra to calculate the comparative statics determined by an economic model.
Delivery and Resources
CLASSES:
The unit has 3 hours face-to-face teaching per week.The class meeting will be held on Tuesdays from 6 to 9 p.m.
Required and Recommended Texts and/or Materials Textbook:
Two textbooks will be used, Alpha C. Chiang and Kevin Wainwright, Fundamental Methods of Mathematical Economics and Introduction to mathematical economics by Edward T. Dowling. The latter is a Shaum’s outline and contains many worked examples.
Useful additional references include a calculus book such as Stewart’s Calculus and a linear algebra book such as Anton’s Elementary linear algebra may also be useful as a reference. There is also a linear algebra textbook which can be downloaded from http://joshua.smcvt.edu/linearalgebra/
Policies and Procedures
Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:
Academic Honesty Policy http://mq.edu.au/policy/docs/academic_honesty/policy.html
Assessment Policy http://mq.edu.au/policy/docs/assessment/policy_2016.html
Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html
Complaint Management Procedure for Students and Members of the Public http://www.mq.edu.au/policy/docs/complaint_management/procedure.html
Disruption to Studies Policy (in effect until Dec 4th, 2017): http://www.mq.edu.au/policy/docs/disruption_studies/policy.html
Special Consideration Policy (in effect from Dec 4th, 2017): https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policies/special-consideration
In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.
Student Code of Conduct
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
Results
Results shown in iLearn, or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au.
Student Support
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Student Services and Support
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
Student Enquiries
For all student enquiries, visit Student Connect at ask.mq.edu.au
IT Help
For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/.
When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.
Graduate Capabilities
PG - Discipline Knowledge and Skills
Our postgraduates will be able to demonstrate a significantly enhanced depth and breadth of knowledge, scholarly understanding, and specific subject content knowledge in their chosen fields.
This graduate capability is supported by:
Learning outcomes
- Apply linear algebra techniques to determine equilibrium outcomes to macroeconomic models.
- Use the technique of Lagrange multipliers to solve probems in consumer and producer theory.
- Apply calculus and linear algebra to calculate the comparative statics determined by an economic model.
Assessment tasks
- Mid-Semester Test
- Assignment
- Final Exam
PG - Critical, Analytical and Integrative Thinking
Our postgraduates will be capable of utilising and reflecting on prior knowledge and experience, of applying higher level critical thinking skills, and of integrating and synthesising learning and knowledge from a range of sources and environments. A characteristic of this form of thinking is the generation of new, professionally oriented knowledge through personal or group-based critique of practice and theory.
This graduate capability is supported by:
Learning outcomes
- Apply linear algebra techniques to determine equilibrium outcomes to macroeconomic models.
- Use the technique of Lagrange multipliers to solve probems in consumer and producer theory.
- Apply calculus and linear algebra to calculate the comparative statics determined by an economic model.
- Understand the theory which underlies the techniques learned.
Assessment tasks
- Quiz
- Mid-Semester Test
- Assignment
- Final Exam
PG - Research and Problem Solving Capability
Our postgraduates will be capable of systematic enquiry; able to use research skills to create new knowledge that can be applied to real world issues, or contribute to a field of study or practice to enhance society. They will be capable of creative questioning, problem finding and problem solving.
This graduate capability is supported by:
Learning outcomes
- Apply linear algebra techniques to determine equilibrium outcomes to macroeconomic models.
- Use the technique of Lagrange multipliers to solve probems in consumer and producer theory.
- Apply calculus and linear algebra to calculate the comparative statics determined by an economic model.
- Understand the theory which underlies the techniques learned.
Assessment tasks
- Mid-Semester Test
- Assignment
- Final Exam