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The main objective of this course is to provide mathematics for advanced economic analysis and to show how mathematical techniques may be applied to economic modelling. Students would understand the optimization under inequality constraints, dynamic economic models, differential and difference equations and optimal control theory.
Main Concepts Such as Vector Spaces and Matrix Algebra. Optimization in Dynamic and Static Models. Exponential and Logarithmic Functions. Analysis of the Case of More Than One Choice Variable in Optimization Models. Understanding Optimization with Equality Constraints and the Solution Methodology. Lagrange Multiplier.
Upon succesful completion of this course, a student will be able to
1. Recall main concepts such as matrix algebra and vector spaces.
2. Solve optimization problems under inequality constraints.
3. Formulate economic problems mathematically.
4. Apply mathematical techniques to economic problems in both dynamic and static settings.
5. Interpret mathematical formulations of economic problems
6. Analyze dynamic economic models.
7. Solve difference and differential equations.
8. Solve dynamic optimization models.
9. Describe optimal control theory.