(a) The Nature of Mathematics for Business and Economics
(b) Use of Mathematics in Business Economic Models
(c) Ingredients of a Mathematical Model
(d) The Real Number System
(e) Relations and Functions
(f) Types of Functions
(g) Levels of Generality
Equilibrium Analysis
(a) The meaning of equilibrium partial market equilibrium linear and non linear models.
(b) General market equilibrium.
(c) Equilibrium in national income analysis, supply and demand analysis, IS-LM analysis and production possibilities frontier.
The Fundamentals of Linear Models and Matrix Algebra
The Role of Linear Algebra definition of the Terms.
Matrix; Vectors as Special Matrices; Identity Matrix; Null Matrix; Scalar Matrix; Diagonal Matrix; Idempotent Matrix; Symmetric Matrix; Transpose of a Matrix; Inverse of a Matrix; Singular Matrix; Commutative, Associative and Distributive Laws in Matrix Algebra; Multiplication of Matrices.
Matrix Inversion
Determinants-Definition and Properties; Use of Determinant in Matrix Inversion; Rank of a Matrix; Minors and Cofactors; Laplace Expansion and Higher Order Determinants; Cramer’s Rule.
Optimization Techniques
Use of derivatives in Economics
Rules of differentiation and their use in business and economics. Concept of optimization, Optimization of multivariable function and its use in economics, Constrained optimization and its application in economics.
