Students

ECON1031 – Quantitative Methods in Economics, Business and Finance

2025 – Session 2, In person-scheduled-weekday, North Ryde

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor
Ha Vu
ha.vu@mq.edu.au
Contact via ha.vu@mq.edu.au
Room 429 4 Eastern Road
Please check ilearn
Lecturer
Fazeel Jaleel
fazeel.jaleel@mq.edu.au
Contact via fazeel.jaleel@mq.edu.au
Please check ilearn
Credit points Credit points
10
Prerequisites Prerequisites
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description

This unit introduces quantitative methods used throughout business, economics, and finance. Emphasis is placed on developing skills to analyse real-world problems, using logical thinking and mathematical techniques. The techniques covered may include functions, simultaneous equations, financial mathematics, calculus and probability. The problems studied can include pricing decisions, optimal production, planning, economic policy questions and financial portfolio selection. By emphasising the practical application of mathematical principles, this unit equips students with the necessary quantitative literacy to navigate complex problems in business, economics, and finance.

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:

  • ULO1: Identify and describe the role of mathematics and quantitative techniques within economics, business and finance.
  • ULO2: Identify and practice the quantitative skills required to work with mathematical models in economics, business, finance and the economics of sustainability issues.
  • ULO3: Effectively communicate quantitative analysis and relevant associated information.

General Assessment Information

Late Assessment Submission Penalty (written assessments)

Unless a Special Consideration request has been submitted and approved, a 5% penalty (of the total possible mark) will be applied each day a written assessment is not submitted, up until the 7th day (including weekends). After the 7th day, a grade of ‘0’ will be awarded even if the assessment is submitted. Submission time for all written assessments is set at 11.55pm. A 1-hour grace period is provided to students who experience a technical concern.  For any late submissions of time-sensitive tasks, such as scheduled tests/exams, performance assessments/presentations, and/or scheduled practical assessments/labs, students need to submit an application for Special Consideration.

Assessment Tasks

Name Weighting Hurdle Due
Skills Development: Quantitative Analysis 20% No Weeks 6 and 11
Professional Practice: Analytical Problem Solving 30% No 11:55pm Tuesday 7 October 2025 (Week 9)
Formal and Observed Learning: Exam 50% No During the University Examination Period

Skills Development: Quantitative Analysis

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 15 hours
Due: Weeks 6 and 11
Weighting: 20%

 

The purpose of this assessment is for you to practice how to solve a problem on the spot. You will work independently on two quizzes to express your understanding of discipline knowledge.

Skills in focus: -

  • Problem solving
  • Critical thinking
  • Digital skills
  • Discipline knowledge

Deliverable: Two quizzes

This is an individual assessment.

 
On successful completion you will be able to:
  • Identify and practice the quantitative skills required to work with mathematical models in economics, business, finance and the economics of sustainability issues.

Professional Practice: Analytical Problem Solving

Assessment Type 1: Problem set
Indicative Time on Task 2: 25 hours
Due: 11:55pm Tuesday 7 October 2025 (Week 9)
Weighting: 30%

 

The purpose of this assessment is for you to identify and practice the quantitative skills required to work with mathematical models in economics, business, finance and the economics of sustainability issues.

Skills in focus:

  • Problem solving
  • Discipline knowledge
  • Communication

Deliverable: Written submission.

This is an individual assessment.

 
On successful completion you will be able to:
  • Identify and describe the role of mathematics and quantitative techniques within economics, business and finance.
  • Identify and practice the quantitative skills required to work with mathematical models in economics, business, finance and the economics of sustainability issues.
  • Effectively communicate quantitative analysis and relevant associated information.

Formal and Observed Learning: Exam

Assessment Type 1: Examination
Indicative Time on Task 2: 35 hours
Due: During the University Examination Period
Weighting: 50%

 

The purpose of this assessment is for you to demonstrate the expertise you have gained in this unit. You will participate in a 2-hour, on campus, closed-book exam held during the University Examination period. Important information about the exam will be made available on the unit iLearn page.

You should also review the MQ Exams website for general tips: https://students.mq.edu.au/study/assessment-exams/exams.

 
On successful completion you will be able to:
  • Identify and describe the role of mathematics and quantitative techniques within economics, business and finance.
  • Effectively communicate quantitative analysis and relevant associated information.

1 If you need help with your assignment, please contact:

  • the academic teaching staff in your unit for guidance in understanding or completing this type of assessment
  • the Writing Centre for academic skills support.

2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation

Delivery and Resources

The delivery format of this Unit is as follows:

  1. Two-hour face-to-face (f2f) lecture (on campus) on Tuesday 1 – 3pm, at 23WW P.G.Price Lecture Theatre. The weekly f2f lectures will be live-streamed for the online students as well as be recorded and made available later on ECHO360.
  2. One hour tutorial which can be in person (on campus) or online (via zoom) depending on your class registration. 

 

PRESCRIBED TEXT

Essential Mathematics for Economics and Business, 4 Ed., by Teresa Bradley.

TECHNOLOGY NEEDS

WileyPLUS

One of the electronic versions of the required text, Essential Mathematics for Economics and Business, 4 Ed., by Teresa Bradley, comes with access to the WileyPLUS website, see here http://www.wileydirect.com.au/buy/essential-mathematics-for-economics-and-business-4th-edition/  On this web site students will be able to develop their own study plan.

Spreadsheet

The use of a spreadsheet will often be helpful for tasks in this unit. For students who don’t own or wish to use Microsoft Excel, a free alternative is provided by OpenOffice (http://www.openoffice.org).

EMAIL USE

It is University policy that the University issued email account will be used for official University communication. All students are required to access their University account frequently. Only contact Macquarie University staff (including tutors), using your official MQ student’s account because this is one method used to verify your identity.

Unit Schedule

Unit Schedule

Week 1

Basic Concepts in Mathematical Economics, Chapters 1 & 2.

Tutorial 1

Week 2

Simultaneous Linear Equations and Quadratic Functions, Chapter 3 & 4.

Tutorial 2

Week 3

Exponentiation, Logarithms, Non-linear Growth Models, Chapter 4.

Tutorial 3

Week 4

 

Financial Mathematics I: Compound Interest, Continuous Compounding, Annuities, Chapter 5.

Tutorial 4

Week 5

Financial Mathematics II: Perpetuity, NPV, IRR, Chapter 5. Differentiation I: Secant Line, Tangent Line, First Derivative, Increasing and Decreasing Functions, Chapter 6.

Tutorial 5

Week 6

Differentiation II: Second Derivative, Chain Rule, Chapter 6. Optimizing Total Revenue and Profit, Elasticity of Demand.

Online Quiz 1 (10%):

Open: 9am Friday 05/09/2025

Close: 11:55pm Saturday 06/09/2025

Quiz coverage: Weeks 1 to 5 Lectures, all inclusive

Tutorial 6

Week 7

Differentiation III: Derivatives of Exponential and Logarithmic Functions, Limits, Chapter 6. Multivariable Calculus: Functions of Many Variables, Partial Differentiation, Chapter 7.

 

Assignment is ready on Monday to download in iLearn

 

Tutorial 7

Week 8

Partial Derivatives Cont'd, Total Derivative, Small Increment Formula, Differential, Chapter 7.

 

Tutorial 8

 

Mid Semester Break

 

Week 9

Indifference Curves, Implicit Differentiation, Utility Maximization, Chapter 7. Integration, Integration by Substitution, Areas and Definite Integrals, Consumer and Producer Surplus, Chapter 8.

Assignment (30%) Due: Tuesday 11:55pm, 07/10/2025

Tutorial 9

Week 10

Differential Equations, Marginal Revenue and Marginal Cost, Differential Equations and Rates of Change, Limited Growth, Constant Proportional Rate of Growth, Chapter 8.

Tutorial 10

Week 11

Probability and Random Variables, Probability Density Functions, Cumulative Distribution Functions as Integrals. Lecture Notes.

Online Quiz 2 (10%):

Open: 9am Friday 24/10/2025

Close: 11:55pm Saturday 25/10/2025

Quiz coverage: Weeks 6 to 10 Lectures, all inclusive

Tutorial 11

Week 12

Continuous Random Variables, Probability Density Function, Cumulative Density Function, The Normal Distribution. Lecture Notes

Tutorial 12

Week 13

Revision of Outstanding Material. Practice Exam.

Final exam (50%): During the Univestity Examination Period

Coverage: All topics

Tutorial 13

 

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central (https://policies.mq.edu.au). Students should be aware of the following policies in particular with regard to Learning and Teaching:

Students seeking more policy resources can visit Student Policies (https://students.mq.edu.au/support/study/policies). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.

To find other policies relating to Teaching and Learning, visit Policy Central (https://policies.mq.edu.au) and use the search tool.

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/admin/other-resources/student-conduct

Results

Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) 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 connect.mq.edu.au or if you are a Global MBA student contact globalmba.support@mq.edu.au

Academic Integrity

At Macquarie, we believe academic integrity – honesty, respect, trust, responsibility, fairness and courage – is at the core of learning, teaching and research. We recognise that meeting the expectations required to complete your assessments can be challenging. So, we offer you a range of resources and services to help you reach your potential, including free online writing and maths support, academic skills development and wellbeing consultations.

Student Support

Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/

Academic Success

Academic Success provides resources to develop your English language proficiency, academic writing, and communication skills.

The Library provides online and face to face support to help you find and use relevant information resources. 

Student Services and Support

Macquarie University offers a range of Student Support Services including:

Student Enquiries

Got a question? Ask us via the Service Connect Portal, or contact Service Connect.

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.

Unit information based on version 2025.03 of the Handbook