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EC221: Mathematical Economics 1B

  • Pablo Beker

    Module Leader
12/15 CATS - Department of Economics

Principal Aims

12 CATS - EC221-12 Mathematical Economics 1B
15 CATS - EC221-15 Mathematical Economics 1B

Principal Learning Outcomes

12 CATS - By the end of the module the student should be able to acquire a sense of the normative significance of competitive markets in obtaining Pareto optimal allocations via appropriate extensions of the commodity space. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures and Seminars The summative assessment methods that measure the achievement of this learning outcome are: Test and Final Exam. By the end of the module the student should be able to learn that a few simple, intuitive principles, formulated precisely, can go a long way in understanding the fundamental aspects of many economic problems.The teaching and learning methods that enable students to achieve this learning outcome are: Lectures and Seminars The summative assessment methods that measure the achievement of this learning outcome are: Test and Final Exam.
15 CATS - By the end of the module the student should be able to acquire a sense of the normative significance of competitive markets in obtaining Pareto optimal allocations via appropriate extensions of the commodity space. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures and Seminars The summative assessment methods that measure the achievement of this learning outcome are: Test and Final Exam. By the end of the module the student should be able to learn that a few simple, intuitive principles, formulated precisely, can go a long way in understanding the fundamental aspects of many economic problems.

Syllabus

The module will typically cover the following topics:1. Foundations and Definitions for the Study of Walrasian Equilibrium: Commodities, Consumer preferences, Edgeworth boxes, Production2. Efficiency of Allocation and Production3. Walrasian Equilibrium in Exchange Economies4. Walrasian Equilibrium in Production Economies5. The First Welfare Theorem of Economics6. The Second Welfare Theorem of Economics

Context

Optional Core Module
GL11 - Year 2, GL12 - Year 2
Optional Module
L100 - Year 2, L1P5 - Year 1, L1PA - Year 1, LM1D (LLD2) - Year 2, V7ML - Year 2, V7ML - Year 3, V7MP - Year 2, V7MP - Year 3, V7MR - Year 2, V7MR - Year 3, V7MM - Year 4, G100 - Year 2, G100 - Year 3, G103 - Year 2, G103 - Year 3, R9L1 - Year 4, R3L4 - Year 4, R4L1 - Year 4, R2L4 - Year 4, R1L4 - Year 4, L1L8 - Year 2, L1L8 - Year 3
Pre or Co-requisites
12 CATS - EC121 or EC123 AND EC122 or EC124; EC107 for GL11 students.
15 CATS - EC120 or EC107 for GL11 students
Pre-requisite for
EC301
Restrictions
15 CATS for Economics-based students. 12 CATS for MORSE students. 3rd years may opt to take EC220 as a 15 CAT module, but this excludes L100 students, who may not take EC200 coded modules in year 3.
Part-year Availability for Visiting Students
12 CATS - Not available on a part-year basis
15 CATS - Available in the Spring term only (1 x test - 12 CATS) and in the Spring and Summer terms together (1 x test and 1 x 2 hour exam – 15 CATS)

Assessment

Assessment Method
12 CATS - 2 hour examination (Summer) (100%)
15 CATS - Coursework (30%) + 2 hour examination (Summer) (70%)
Coursework Details
12 CATS - 2 hour examination (Summer) (100%)
15 CATS - Test (30%), 2 hour examination (Summer) (70%)
Exam Timing
Summer

Exam Rubric

Time Allowed: 2 hours.

Answer TWO questions ONLY. All questions carry equal weight (50 marks each). Answer each question in a separate booklet.

Approved pocket calculators are allowed.

Read carefully the instructions on the answer book provided and make sure that the particulars required are entered on each answer book. If you answer more questions than are required and do not indicate which answers should be ignored, we will mark the requisite number of answers in the order in which they appear in the answer book(s): answers beyond that number will not be considered.

Previous exam papers can be found in the University’s past papers archive. Please note that previous exam papers may not have operated under the same exam rubric or assessment weightings as those for the current academic year. The content of past papers may also be different.

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