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Curriculum subjectEconomic Mathematics
| Subject |
| Subject code |
RKE114 |
| Subject name |
Economic Mathematics |
| Credit points |
3 ECTS |
| Grading method |
Grade prelim |
| Subject program |
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| Curriculum subject |
| Curriculum |
2016 TK |
| Study year |
2 |
| Semester |
Fall semester |
| Subject type |
Optional |
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Subject loads
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| Practice |
14 |
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| General description |
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| The concept of percent in economy, elements of financial mathematics and statistics, mathematical functions and optimization exercises in economy. |
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| General aim |
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| The aim of the course is to show the applicability of mathematics when understanding and solving economical and financial problems in everyday life and in general; to give an overview of simple models used in finance; to teach how to use IT, including public databases and different loan calculators. In this course, students develop logical and mathematical thinking ability as well. |
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| Aim |
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By the end of this course, the student should
- be able to manipulate percents and be able to calculate salary costs and goods prices using percents;
- understand the basic principles of financial mathematics (the difference between the real value of money at different moments and the principle of financial equivalence);
- be familiar with basic concepts of financial mathematics (simple and compound interest, interest rate, compounding, maturity value, present and time value of money, focal date, loan certificate, rate of inflation and deflation, price index, annuity and s.o.) and be able to solve simple problems involving these concepts;
- understand and be able to calculate the base index and growth rate, and be able to interpret their graphs;
- be familiar with numerical summary statistics (mean, median, quartiles and deciles) and be able to calculate the consumer price index;
- be familiar with mathematical functions used in economy, including demand, supply, total cost, total revenue and profit functions, and be able to draw their graphs;
- be able to solve problems involving average cost, average revenue and average profit;
- be able to optimize mathematical functions used in economy, understand economy meaning of derivative of function (marginal cost, revenue and profit), and understand and be able to apply the golden rule of profit maximization. |
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| Form description |
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| Lectures, practical lessons, group study. e-learning. |
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| Replacement Subjects |
| RKE091
Economic Mathematics |
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| Current rounds |
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| Economic Mathematics KME71/81 |
| Economic Mathematics KTL31/41 |
| Economic Mathematics ME71/81 TL31/41 |
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