The course teaches the mathematical foundations of models in economics, business and finance and its applications. Mathematical topics covered include set theory, functions, series, limits, univariate and multivariate calculus, unconstrained and constrained optimisation, matrix algebra. Applications include effective interest rates, present value, annuities, production functions, average and marginal cost functions, profit maximisation.
Learning Outcomes
Upon successful completion, students will have the knowledge and skills to:
- demonstrate an understanding of the mathematical techniques discussed;
- formulate economic problems in mathematical terms and apply the tools provided in the module for analysing them;
- demonstrate an understanding of the common functional forms and rules used in derivatives and integrals of functions that frequently appear in economic models;
- apply matrix algebra to economic problems and linear models, demonstrating the ability to solve linear systems of equations in matrix form;
- solve economic and financial problems using principles of financial arithmetic.
Research-Led Teaching
The material taught in this course is directly relevant to research in most, if not all, areas of economics.
Field Trips
Not applicable.
Additional Course Costs
Not applicable.
Examination Material or equipment
No material other than standard writing equipment, university supplied script books, and university supplied blank paper will be permitted to be used during the final exam for this class.
Required Resources
The recommended textbook for this course is:
- Sydsaeter, K, P Hammond, A Strom, and A Carvajal (2016), Essential mathematics for economic analysis (fifth edition), Pearson Education, United Kingdom.
You are not required to purchase a copy of this textbook if you do not wish to do so. However, I strongly recommend that you have access to it during the semester. The ANU library has a digital version of this book and a number of physical copies of the book. I will request that all physical copies of this edition of this book that are available in the ANU library system be placed on short loan for the duration of this course. (Note that the edition of this book that you consult is probably not particularly important, with the possible exception of the organisation of material within the book, and differences in the relevant chapter titles or chapter numbers, or both. The references in this outline will be to the relevant chapters in the fifth edition of this textbook.)
Recommended Resources
Other books that you might find useful include the following:
- Asano, A (2013), An introduction to mathematics for economics, Cambridge University Press, Great Britain;
- Bradley, T (2013), Essential mathematics for economics and business (fourth edition), John Wiley and Sons, Great Britain;
- Chiang, AC, and K Wainwright (2005), Fundamental methods of mathematical economics (fourth edition), McGraw-Hill, Singapore.
- Haeussler, EF Jr, and RS Paul (1987), Introductory mathematical analysis for business, economics, and the life and social sciences (fifth edition), Prentice-Hall International Edition, Prentice-Hall, USA;
- Shannon, J (1995), Mathematics for business, economics and finance, John Wiley and Sons, Brisbane;
- Simon, CP, and L Blume (1994), Mathematics for economists, WW Norton and Company, USA.
- Sydsaeter, K, P Hammond, A Seierstad, and A Strom (2005), Further mathematics for economic analysis, Prentice-Hall / Financial Times (Pearson), United Kingdom.
The ANU library has both a digital copy and at least one physical copy of Asano (20013). It has a digital copy, but no physical copies, of Bradley (2013). The ANU Library has no digital copies, but has at least one physical copy, of Chiang and Wainwright (2005), Haeussler and Paul (1987), Shannon (1995), Simon and Blume (1994), and Sydsaeter, Hammond, Seierstad, and Strom (2005). It also has a digital copy of Haeussler, EF Jr, RS Paul, and R Wood (2014), Introductory mathematical analysis for business, economics, and the life and social sciences (thirteenth edition), Pearson Education, England. I will request that all physical copies of the above editions of these books that are available in the ANU library system be placed on short loan for the duration of this course. (Note that, when multiple editions of one of these books exists, it probably does not matter which edition you consult.)
Books relevant to this class can be found in both the Chifley Library (which houses most of the ANU Library’s economics collection), the Hancock Library (which houses some of the ANU Library’s economics collection and most of the ANU Library’s mathematics collection), and the Law Library (which houses some of the ANU Library's economics collection). I strongly encourage you to familiarise yourself with, and make use of the resources contained in, each of these branches of the ANU Library.
Staff Feedback
Students will be given feedback in the following forms in this course:
- Graded tutorial assignments;
- Marks from, and general comments on, the online timed assignments, and
- Verbal feedback upon request during consultation sessions.
Student Feedback
ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.
Other Information
Work-Load Expectations
The amount of work required for successful completion of this class may vary between students. As a rough guide, students should expect to devote at least 10 hours a week to this class. This should include all of the following.
- Three hours a week for lectures.
- One hour a week for tutorials (except for week one).
- At least six hours a week for reading, research, writing, lecture preparation, tutorial preparation, and revision.
Class Schedule
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Tutorial Registration
ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to tutorials so they can better plan their time. Find out more on the Timetable webpage. https://www.anu.edu.au/students/program-administration/timetabling].
Assessment Summary
| Assessment task | Value | Due Date | Learning Outcomes |
|---|---|---|---|
| Timed Online Assignments (five computerised tests 10% each, 50% in total) | 10 % | 11/03/2024 | 1,2,3,4,5 |
| Timed Online Assignments (five computerised tests 10% each, 50% in total) | 10 % | 25/03/2024 | 1,2,3,4,5 |
| Timed Online Assignments (five computerised tests 10% each, 50% in total) | 10 % | 22/04/2024 | 1,2,3,4,5 |
| Timed Online Assignments (five computerised tests 10% each, 50% in total) | 10 % | 06/05/2024 | 1,2,3,4,5 |
| Timed Online Assignments (five computerised tests 10% each, 50% in total) | 10 % | 20/05/2024 | 1,2,3,4,5 |
| Final Exam (50%) | 50 % | 15/06/2024 | 1,2,3,4,5 |
* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details
Policies
ANU has educational policies, procedures and guidelines , which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Integrity Rule before the commencement of their course. Other key policies and guidelines include:
- Academic Integrity Policy and Procedure
- Student Assessment (Coursework) Policy and Procedure
- Extenuating Circumstances Application
- Student Surveys and Evaluations
- Deferred Examinations
- Student Complaint Resolution Policy and Procedure
- Code of practice for teaching and learning
Assessment Requirements
The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the Academic Skills website. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.
Moderation of Assessment
Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.
Participation
- You will not be assessed on either attendance or participation in this course
- Nonetheless, both attendance and active participation will enhance your enjoyment of the course and your understanding of the material covered in the course.
- Lectures in this course will be "live" events that are held "in person".
- When available, recordings of the lectures will be provided via the ECHO360 link on the Wattle site for this course at some point after the conclusion of the relevant lecture.
- While it is hoped that the lecture recording system will provide recordings of suitable quality for each lecture in this course, there is no guarantee that this will be the case.
- Please note that replacement recordings will not be made in the event that the recording of a lecture fails to be produced by the automatic lecture recording system or is of low quality.
- In such an event, you might need to make do with the lecture notes in the event that you were unable to attend the lecture.
- If there is a suitable replacement recording from a previous instance of this course or some other course that is readily available, then I might post it if such an event were to occur.
- Beginning in week two, there will be a weekly tutorial held in this course.
- Tutorials in this course will be "live" events that are held in-person.
- Please note that there will be no "online" tutorials.
- Please note that the tutorials will not be recorded.
- The course convenor (who is also the lecturer) will hold his consultation sessions in-person immediately following the lectures in all teaching weeks
- These student consultation sessions will be held in the lecture room.
- I will stay until the earlier of the point in time at which there are no more students with queries and the end of the lecture slot.
Examination(s)
Please see the information for assessment item 4 above.
Assessment Task 1
Learning Outcomes: 1,2,3,4,5
Timed Online Assignments (five computerised tests 10% each, 50% in total)
- This will be a 30 min long timed assignment that is administered online through the Wattle site for the course.
- It will be held online, students will be given one day during which to attempt this task.
- It will consist of some number of questions. The questions might be of the multiple choice, true or false, short answer, or single numeric answer variety, or some mixture of these question varieties.
- Each assignment is worth 10% of your raw overall mark for this course.
- No late submissions will be accepted. Any assignments that are not submitted by the due date and time will receive a mark of zero.
- This assessment item will include material from the two lectures and tutorials prior to the test.
- All learning outcomes are relevant for this assessment task.
- Your mark on this assessment item, along with some general feedback, will become available shortly after the end of the time slot for the assignment.
Assessment Task 2
Learning Outcomes: 1,2,3,4,5
Timed Online Assignments (five computerised tests 10% each, 50% in total)
- This will be a 30 min long timed assignment that is administered online through the Wattle site for the course.
- It will be held online, students will be given one day during which to attempt this task.
- It will consist of some number of questions. The questions might be of the multiple choice, true or false, short answer, or single numeric answer variety, or some mixture of these question varieties.
- Each assignment is worth 10% of your raw overall mark for this course.
- No late submissions will be accepted. Any assignments that are not submitted by the due date and time will receive a mark of zero.
- This assessment item will include material from the two lectures and tutorials prior to the test.
- All learning outcomes are relevant for this assessment task.
- Your mark on this assessment item, along with some general feedback, will become available shortly after the end of the time slot for the assignment.
Assessment Task 3
Learning Outcomes: 1,2,3,4,5
Timed Online Assignments (five computerised tests 10% each, 50% in total)
- This will be a 30 min long timed assignment that is administered online through the Wattle site for the course.
- It will be held online, students will be given one day during which to attempt this task.
- It will consist of some number of questions. The questions might be of the multiple choice, true or false, short answer, or single numeric answer variety, or some mixture of these question varieties.
- Each assignment is worth 10% of your raw overall mark for this course.
- No late submissions will be accepted. Any assignments that are not submitted by the due date and time will receive a mark of zero.
- This assessment item will include material from the two lectures and tutorials prior to the test.
- All learning outcomes are relevant for this assessment task.
- Your mark on this assessment item, along with some general feedback, will become available shortly after the end of the time slot for the assignment.
Assessment Task 4
Learning Outcomes: 1,2,3,4,5
Timed Online Assignments (five computerised tests 10% each, 50% in total)
- This will be a 30 min long timed assignment that is administered online through the Wattle site for the course.
- It will be held online, students will be given one day during which to attempt this task.
- It will consist of some number of questions. The questions might be of the multiple choice, true or false, short answer, or single numeric answer variety, or some mixture of these question varieties.
- Each assignment is worth 10% of your raw overall mark for this course.
- No late submissions will be accepted. Any assignments that are not submitted by the due date and time will receive a mark of zero.
- This assessment item will include material from the two lectures and tutorials prior to the test.
- All learning outcomes are relevant for this assessment task.
- Your mark on this assessment item, along with some general feedback, will become available shortly after the end of the time slot for the assignment.
Assessment Task 5
Learning Outcomes: 1,2,3,4,5
Timed Online Assignments (five computerised tests 10% each, 50% in total)
- This will be a 30 min long timed assignment that is administered online through the Wattle site for the course.
- It will be held online, students will be given one day during which to attempt this task.
- It will consist of some number of questions. The questions might be of the multiple choice, true or false, short answer, or single numeric answer variety, or some mixture of these question varieties.
- Each assignment is worth 10% of your raw overall mark for this course.
- No late submissions will be accepted. Any assignments that are not submitted by the due date and time will receive a mark of zero.
- This assessment item will include material from the two lectures and tutorials prior to the test.
- All learning outcomes are relevant for this assessment task.
- Your mark on this assessment item, along with some general feedback, will become available shortly after the end of the time slot for the assignment.
Assessment Task 6
Learning Outcomes: 1,2,3,4,5
Final Exam (50%)
- The final exam for this course will be an in-person, closed book exam that consist of fifteen minutes of reading time followed by three hours of writing time.
- The only permitted materials will be standard writing equipment.
- The exam will comprehensive, in the sense that questions can potentially be drawn from any component of this class. This includes any material that is covered in lectures, or covered in tutorials, or covered in assigned readings, or covered in some combination of these sources.
- The date and time of the final exam will be determined by the central administration of the ANU. It will occur sometime during the official final exam period.
- The final exam is worth 50% of your raw overall mark for this class, unless alternative arrangements are authorised by the University.
- All learning outcomes are relevant for this assessment task.
- Opportunities to view the graded final exam scripts will be available sometime after the official release of results for the semester.
- Practice exam will be available in the last week of the course.
Academic Integrity
Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.
The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.
The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.
The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.
Online Submission
You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) submission must be through Turnitin.
Hardcopy Submission
For some forms of assessment (hand written assignments, art works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.
Late Submission
In the absence of an approved extension, no submission of assessment tasks after the due date and time will be permitted in this course. If an assessment task is not submitted by the due date and time, and an extension has not been approved, a mark of zero will be awarded.
Referencing Requirements
The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material.
Returning Assignments
Please see the information about assessment items 1, 2, 3, and 4 that is provided elsewhere in this document.
Extensions and Penalties
Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. Extensions may be granted for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.
Resubmission of Assignments
No resubmission of any assignment after the due date and time for its submission will be permitted in this class.
Privacy Notice
The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.
Distribution of grades policy
Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.
Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.
Support for students
The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).
- ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
- ANU Access and inclusion for students with a disability or ongoing or chronic illness
- ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
- ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
- ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
- ANUSA supports and represents all ANU students
Convener
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Research InterestsStructural econometrics, computational economics |
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Prof Fedor Iskhakov
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Instructor
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Research Interests |
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Prof Fedor Iskhakov
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