Course code Ekon1300
Faculty Faculty of Business, Management and Economics
Credit points, number of lectures
Credit points ECTS Credit points Total number of auditorium hours Number of lecture hours Number of seminars and practical work hours Number of student independent work hours
4 6 64 32 32 96
E-courses 2EKO1935-LV: Mathematics for Economists 2EKO1935-EN: Mathematics for Economists
Course annotation The objective of the course is to explain basic conceptions and coherence in mathematics, which are widely used in modern economics. This course is the basic study of limits and continuity, differentiation, optimization and graphing, and integration of elementary functions, with emphasis on applications in business, economics, and social sciences.
The course does no dwell just on mathematical formalities but also appeals to intuition. As much as possible, problems are introduced through real-life situations; the mathematics needed to handle similar situations is developed then. Examples are selected to show linkage to current applications in the economic theory. Abstraction and sophisticated mathematical theory is balanced with the practical application possibilities in the economy, without sacrificing an understanding of the underlying mathematical concepts.





Course responsible lecturer Jānis Priede
Results Upon completion of the course students will know the fundamental mathematical concepts needed to effectively study business and economics areas.
Knowledge:
1. Understand the basic concepts of mathematical analysis as the limit and derivative of the function, and know how they are used in description of economic processes.
2. Have understanding about the concept of multivariate function, and its application for description of production functions, and revenue, costs and profit functions.
3. Understand the concept of integration and demonstrate ability to find indefinite and definite integrals apply those results to the business setting.

Skills:
4. Ability to represent real economic problems as simplified mathematical models and solve them.
5. Can calculate elasticity of a function.
6. Can apply differentiation to analyze behavior of a function, and to find extremes.
7. Can apply partial derivatives to analyze behavior of a multivariate function, and find extremes of a multivariate function.
8. Use the method of Lagrange multipliers to determine extreme values of functions of two variables subject to constraints.
9. Can calculate value of definite integral, and apply it in formulation and solution of economic problems.

Competences:
10. The ability to use the basic tools of calculus that are need in the modern analysis of economic problems.
11. The ability to address economic problems by means of abstract models.

12. A critical attitude towards the formal results and their applicability in social contexts.
Course plan 1. Functions and graphs. L2, S2
2. Simultaneous Equations and Applications. L2, S2
3. Modeling using linear and quadratic functions, exponential and logarithmic functions. L2, S2
4. Limits. Applications. L4, S4
5. The Differentiation. Applications of Differentiation, Marginal Functions, Elasticity. L4, S4
6. Optimization for Functions of One Variable. Applications (min costs, max profit). L4, S4
7. Multivariate functions, examples in business. Partial Differentiation and Applications. L4, S4
8. Unconstrained Optimization of two-variable functions. L2, S2
9. Constrained Optimization and Lagrange Multipliers. L2, S2

10. Integrals. L6, S6
Requirements for obtaining credit points Intermediate tests:
1. Test 1 - 15%
2. Homework 1 - 5%
3. Test 2 - 15%
4. Homework 2 - 5%
5. Seminar work- 10%

Final examination:

6. Examination - 50%
Study programmes Business Administration
Economics
Financial Management
Business Administration
Insurance and Finance
E-Business and Logistics Management Systems
International Economics and Commercial Diplomacy
International Economics and Commercial Diplomacy
International Economic Relations
Accounting, Analysis and Audit