Subject 'Economic Mathematics'

Year:   2015/2016    2016/2017    2017/2018    2018/2019    2019/2020    

- The concept of percent in economy;
- elements of financial mathematics;
- elements of financial statistics;
- mathematical functions used in economy;
- optimization exercises in economy.

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.

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.

The course consists of 32 contact hours: lectures, practical lessons, group study.
Independent work is about 46 academical hours: working through the lecture materials, solving practical exercises, e-learning, preparing for the tests.

1. Aasma, A., Kallam, H., Levin, A. Majandusmatemaatika alused. Ilo, Tallinn, 2005.
2. Kaasa, A. Majandusteaduse matemaatilised alused. TÜ kirjastus, Tartu, 2002.
3. Kummer, J. Funktsioonid ja nende tuletised majandusarvestuses. Avita, Tallinn, 1994.
4. Kummer, J. Kulude ja tulude matemaatika. Avita, Tallinn, 1996.
5. Sikk, J. Majandusmatemaatika ülesannete kogu. TÜ kirjastus, Tartu, 1996.
6. Aasma, A., Kurvits, J., Kislenko, K., Sauga, A., Timmermann, R., Übi, E. Majandusmatemaatika elemendid. E-learning course at Moodle environment;
7. Vensel, V. Tootmis- ja kasvufunktsioonid. Valgus, Tallinn, 1979;
8. Übi, E. Planeerimise ja juhtimise matemaatika. Külim, Tallinn, 1998.
9. E-learning course materials at Moodle environment (http://ekool.tktk.ee).

During the course a student has to pass tests and to present homeworks. The tasks of the tests and homeworks are composed on the basis of the standard problems solved at the practical lessons and according to the topics from the course program. The number of tests and homework assignments during the course are appointed by the responsible lecturer.

Majandusmatemaatika - M. Latõnina
Majandusmatemaatika - O. Labanova
Majandusmatemaatika - V. Retšnoi
Majandusmatemaatika - R. Timmermann
Majandusmatemaatika - E. Safiulina

2020: KT*  LO*  

2019: KT*  RR  TL*  

2018: ET*  HE*  KK*  KT*  ME*  RG*  RR  TD  TE*  TK*  TL*  

2017: ET*  HE*  KK*  KT*  ME*  RG*  RR  RT*  TD  TE*  TK*  TL*  TT*  

2016: ET*  HE*  KT*  ME*  RG*  RR  RT*  TD  TE*  TK*  TL*  TT*  

2015: ET*  HE*  KT*  ME*  RG*  RR  RT*  TD  TE*  TL*  TT*  

* Optional subject