Math Microeconomics Macroeconomics Econometrics
Math Requirements
Mathematical Economics I (ECMT 660)
Use of selected types of mathematical tools in economic theory (e.g., matrix algebra and multivariate calculus).
The topics covered in ECMT 660 are:
It is important that students have good skills in calculus and optimization. It would be valuable to entering students if they reviewed carefully Chapter 2 (the brief math review) in Walter Nicholson, Microeconomic Theory, 7th edition, 1998. Also, students should have a good understanding of the following topics from Alpha Chiang, Fundamental Methods of Mathematical Economics, 3rd (latest) edition, McGraw-Hill, 1984.
| TOPIC | REFERENCE PAGES IN CHIANG |
| Linear Algebra: Matrix operations Scalar product Orthogonal Linear independence, basis Nonsingular Rank Determinants Inverse Cramer’s rule Systems of equations |
58-70; 76-83 67-68 328 and note 1 (next page) 70-74 90-92; 101-103 92; 102-103 93-101 84-86; 103-107 107-110 110-112 |
| Calculus: Function Limit Continuity Differentiability Derivative Partial derivative Chain rule Implicit differentiation Differential Total differential Total derivative Inverse function Homogeneous function Jacobian Gradient |
20-31 132-140; 145-147 147-149 149-153 155-164; 166-167; 169-173 174-177 169-171; 198-203 204-214 188-191; 196-198 194-195 198-203 171-173 171-173 184-186 Note 2 (next page) |
| Miscellaneous: Set notation and operations Necessary versus sufficient conditions |
11-17 88-90 |
Textbook:
G.N. Mankiew, Macroeconomics, 4th edition, Worth Publishers, 2000
Online Calculus Course
An online calculus course is available which may assist you in your preparation for Masters-level course work. This web site provides a clear, helpful interactive tool for learning calculus. This site is a good way to practice the subject.
Microeconomic Requirements
Foundations of Microeconomic Theory (ECON 607)
This course is an introduction to microeconomic theory and applications. Various models using formal analysis will be developed and applied to specific problems. Supply and demand, consumer optimization, theory of the firm (cost minimization and profit maximization), analysis of different market structures (pure competition, monopoly, monopolistic competition, and oligopoly) will be covered. General competitive equilibrium will be introduced.
The topics covered in ECON 607 are:
- Economic Models
Chapter 1
- Market Demand and Market Supply
Chapter 7 (Market Demand)
Chapter 8
- Theory of Consumer Behavior
Chapter 3 (Preferences and Utility)
Chapter 4 (Utility Maximization and Choice)
Chapter 5 (Income and Substitution Effects)
Chapter 6 (Demand Relationships among Goods)
Chapter 8 (Exchange)
- Theory of Production and Cost
Chapter 11 (Production Functions)
Chapter 12 (Cost of Production)
Chapter 13 (Profit Maximization and Supply)
Chapter 14 (Long Run Competitive Equilibrium)
Chapter 15 (Applied Competitive Analysis)
- Imperfectly Competitive Market Structures
Chapter 18 (Models of Monopoly Markets)
Chapter 19 (Pricing in Imperfectly Competitive Markets – Oligopoly and Monopolistic Competition)
- General Equilibrium
Chapter 9 (The Economics of Information)
Chapter 16 (General Competitive Equilibrium)
Chapter 17 (The Efficiency of Perfect Competition)
Textbook:
Walter Nicholson, Microeconomic Theory, Basic Principles and Extensions, 7th edition (1995), Dryden Press.
Macroeconomic Requirements
Foundations of Macroeconomic Theory (ECON 611)
Development of modern static national income analysis from general equilibrium system; roles of fiscal and monetary policy in promoting economic stability.
The topics covered in ECON 611 are:
- The Science of Macroeconomics
- The Data of Macroeconomics
- National Income: Its Production, Distribution, and Allocation
- Economic Growth
- Unemployment
- Money and Inflation
- The Open Economy
- Economic Fluctuations – Short-run
- Aggregate Demand
- Aggregate Demand in the Open Economy
- Aggregate Supply
- Macroeconomic Policy Debate
- Consumption
- Investment
- Money Supply and Money Demand
Textbook:
G.N. Mankiew, Macroeconomics, 4th edition, Worth Publishers, 2000
Econometric Requirements
Econometrics for Agribusiness (AGEC621)
This course introduces students to theory, methods and applications of statistical techniques for fitting econometric models to economic data. Students will learn methods for summarizing and describing data both numerically and graphically, gain experience in fitting models and interpreting the results. Students will be introduces to statistical software and taught to use its relevant functions.
The topics covered in AGEC 621 are:
- The Simple Linear Regression Model
- The Multiple Regression Model
- Estimating the Parameters of Multiple Regression Model
- Sample Properties of the Least Squares Estimator
- Interval Estimation and Hypothesis Testing
- Prediction, Goodness-of-Fit and Modeling Issues
- Further Inference in the Multiple Regression Model
- Seemingly Unrelated Regression Model (SUR)
- Simultaneous Equations Models
- Discrete Choice Models
- Limited Dependent Variable Models
- Time Series Models
Textbook:
Introductory Econometrics: A Modern Approach, J. M. Wooldridge, 4th Edition, South-Western Publication, 2009.