AP/ECON 1530 3.00 Introductory Mathematical Economics I
This course presents and analyzes a sequence of basic ideas, topics and problems arising in Economics. For each idea/topic/problem relevant mathematical ideas and techniques are recalled and/or derived so as to provide a deeper understanding of the Economic issue and how it can be resolved, if necessary. The notion of Quantity Demanded is first addressed by expressing quantity demanded as a linear function of price where both the slope and intercept embed important Economics ideas. This sequence leads naturally to the notion of Revenue (the product of quantity demanded and price) where nonlinear functions are analyzed using mathematical techniques that include derivatives. This sequence culminates with notions of prices that maximize revenue subject to a given demand function. A large number of such topic sequences involving univariate functions are examined.
Prerequisite: Grade 12U Advanced Functions or equivalent.
Prerequisites/Co-requisites: AP/ECON 1000 3.00 or AP/ECON 1010 3.00, or equivalent. Strongly recommended completion: high-school calculus or equivalent.
Course credit exclusions: SC/MATH 1000 3.00, SC/MATH 1013 3.00, SC/MATH 1300 3.00, SC/MATH 1505 6.00, SC/MATH 1513 6.00, SC/MATH 1530 3.00, SC/MATH 1550 6.00, GL/MATH/MODR 1930 3.00. Note: Acceptable course substitutes are available in the Calendar.