Learning objectives
In an ever increasing number of contexts it is advisable that a graduate in
economic disciplines is able to use quantitative measurements and tools.
The main objective of the course is to allow the student to "take
possession" of these tools in order to separate the structure of a problem
from the context so that he/she can understand and communicate as
effectively as possible what is needed to take informed and justified
economic decisions.
Furthermore, at the end of the course:
- as far as concerns knowledge and understanding: the student should
understand and properly treat the main models presented in the course;
- as far as concerns applying knowledge and understanding: the student
should be able to solve practical problems;
- as far as concerns making judgements: the student should show good
skills in making judgement, developing reasoning and critical capacities;
- as far as concerns communication skills: the student should clearly
communicate what he/she has learned;
- as far as concerns learning skills: the student should update and
consolidate his/her quantitative knowledge and relate this knowledge and
competence to other disciplines in the degree course.
Furthermore, the student should be able to formalize in quantitative
terms some economic problems, by individuating initial data and the
more adequate mathematical instruments in order to obtain an efficient
and rigorous solution and to provide an economic interpretation of the
obtained results.
Prerequisites
First and second order equations and inequalities.
Course unit content
Linear functions and models.
Linear systems and matrices. Economic applications.
Non-linear models.
Differential Calculus and economic applications.
Integrals. Economic applications.
Functions in several variables.
Full programme
Functions and Linear Models
The concepts of function and mathematical model.
Representation of a function.
Common types of function. Examples of mathematical economic models.
Linear functions.
Linear economic models.
Systems of linear equations and matrices
Systems of linear equations.
The reduction algorithm of Gauss-Jordan.
Economic applications of linear systems.
Linear algebra and applications
Concept of matrix and vector.
Matrix operations.
Matrix form of a linear system.
Inverse matrix and its use for the resolution of a linear system.
Determinant of a matrix calculation for arrays of size 2x2.
Non-linear models
General aspects: bounded functions, monotone functions, maxima and minima, infimum and supremum, even functions and odd functions, composite functions, inverse function, concave and convex functions (definition only).
Quadratic functions, exponential and logarithmic functions.
Economic models: quadratic, exponential and logarithmic.
The derivative
Average (or quotient) and instantaneous (or derivative) rate of change.
The derivative as the slope. Link between sign of the derivative and growth / decreasing function. Derivation rules.
Marginal analysis.
Limits: definition and examples of calculation. Continuity.
Techniques of differentiation
Rule of derivation of the product and ratio.
Rule of derivation of composite functions.
Derivatives of logarithmic and exponential functions.
Applications of the derivative
Maxima and minima. Applications.
Second derivative and study the graph.
Elasticity of demand.
The integral
The indefinite integral.
Integration by substitution.
Definite Integral.
The fundamental theorem of calculus.
Integrals: techniques and applications
Integration by parts.
Generalized integrals (notes).
Functions of several variables
Functions of several variables.
Notes on the graphs of functions of two variables.
Sections and contours.
Partial derivatives.
Maxima and minima.
Free and constrained optimization.
Bibliography
S. Waner, S.R. Costenoble, Strumenti quantitativi per la gestione
aziendale, Apogeo, Milano, 2019.
Teaching methods
1) Knowledge and understanding: teacher-fronted sessions.
2) Applying knowledge and understanding: practice sessions.
3) Making judgements: teacher-fronted sessions and practice sessions.
4) Communication skills: practice sessions.
5) Learning skills: teacher-fronted sessions and practice sessions.
The Syllabus, the detailed program and the previous exam tests are
uploaded on Elly.
Assessment methods and criteria
Written examination (60 minutes).
During the exam, the student can use a scientific calculator. Graphic
calculators, smartphone, tablet, laptops and smartwatch are not allowed.
The knowledge and the skill in comprehension will be tested through
three questions about elementary mathematics (1), three short problems
(2) and three theoretic/practical questions (3).
The quality of learning, the skill in the applications of the concepts and
the independence of judgement will be verified through the economic
problems (2). In order to solve such a problem, the student will
individuate an opportune mathematical model, by obtaining the solution
through the analytical tools presented in Course.
The knowledge of an appropriate technical language will be checked
through the three questions (3) about the theoretic subjects with
applications of the Course.
Indicative marks:
(1): 3/30
(2): 15-16/30
(3): 12-13/30
If a correct result is not justified in the paper given to the student for the
development of the exam, no mark will be assigned.
If the test, possibly integratd by an oral exam, is excellent, it will be
valuated with full marks cum laude.
The teacher could ask for an oral test and/or partially modify the written
examination, also according to the exigencies of integration with possible
online activities.
The University will send to the students an email message to their
University email address with the result of the exam (through Essetre
system). The students can reject the result in
Other information
Further teaching materials, the Syllabus, the detailed program of the
course and the exams already assigned will be published on Elly.
Furthermore, the teacher could modify some indications, in particular
about lessons
and examinations, also according to the evolution of pandemic situation.
Every change will be communicated well in advance to students through
the usual channels.
