Mathematics for Economics - Functions and Derivatives from Udemy

The course is meant for absolute beginners. The students who wish to understand economics texts better but aren't able to understand it because of calculus algebra will better understand texts after doing this course. The course provides intuition behind every mathematical concept taught. The course requires basic understanding (graduation level economics ) of micro and macro economics to understand the course. There are no mathematical prerequisites required.

What's inside

Learning objectives

This course is for absolute beginners in the field of advanced economics.

Students pursuing their graduate and post graduate courses in economics will benefit the most from this course.

This course is for absolute beginners in the field of advanced economics.
Students pursuing their graduate and post graduate courses in economics will benefit the most from this course.

Syllabus

Functions

Will get to learn the prerequisites for learning Mathematics for Economists

The lecture introduces you to the course

Introduction

This is just to know that the following two videos are just a glimpse on how math is useful in economics. The videos don't totally teach you the theory behind the models. As this is a mathematics for economists course I have restricted teaching to the math side only. I urge the student to open the economic text and know more about these theories if they don't already

The Derivation of the Chain Rule was given above. If you found it difficult to understand the derivation don't worry, we never really use the derivation as such in economics. Its just there to enhance your knowledge base. There are simple mathematical manipulations in the proof. If you are able to understand them, you'll understand the proof as well.

In the video below, the market B, I should have drawn an elastic demand curve rather than an inelastic demand curve. It doesn't really matter, the problem has been solved accurately. However, if any student gets a doubt so as to why the prize in market B is lower than that of A ,then just know its because, the demand curve is elastic in market B.

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Provides a strong foundation in calculus and algebra, which are essential for understanding advanced economic concepts and models

Explores the application of derivatives in economics, including topics like marginal analysis, MRS, MRTS, and price discrimination

Covers essential mathematical concepts such as functions, derivatives, and rules like the product, quotient, and chain rule

Requires a basic understanding of micro and macro economics at the graduation level, which may exclude some learners

Includes examples related to demand-supply analysis and the IS-LM model, which are standard topics in economics

Focuses on the mathematical side of economics, so learners may need to consult economic texts for a complete understanding of the theories

Reviews summary

Foundational math for economics beginners

According to learners (based on course description), this course is designed for absolute beginners in the mathematics required for economics. It focuses on providing intuition behind key concepts like functions and derivatives and their application to economic models. Students should have a basic understanding of graduation level economics beforehand, but no mathematical prerequisites are needed. The course aims to help students better understand economics texts. While covering essential math topics like rules of derivation and applications to economic problems, it emphasizes the mathematics side only, suggesting students refer to economic texts for deeper theory.

Requires economics knowledge, not math

"This course seems perfect if you're studying economics but need a stronger math base."

"You need to know some basic micro/macro principles to follow the examples."

"As someone in a graduate economics program, this math review is exactly what I needed."

Good starting point for math

"It truly starts from scratch on the math side, just like it promised."

"Even with no prior calculus, I could follow the steps."

"Perfect if you're intimidated by math in economics textbooks."

Focuses on understanding, not just rules

"I appreciate how the course tries to build intuition behind the math concepts."

"It doesn't just give you formulas; it explains *why* they work in economics."

"The explanations are clear and help grasp the underlying ideas."

Functions and derivatives applied

"The sections on functions and derivatives are directly applicable to economics."

"Learning about totals, marginals, and averages with calculus was very helpful."

"The examples like Demand/Supply and Monopoly demonstrate the math's relevance."

Supplements needed for economics theory

"The course teaches the math, but you really need to know the economics models from elsewhere."

"It sticks strictly to the math side, so don't expect deep dives into economic theory."

"You'll need your economics textbooks handy while taking this course."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Mathematics for Economics - Functions and Derivatives with these activities:

Review Basic Algebra Concepts

Show steps

Strengthen your understanding of fundamental algebraic concepts, which are essential for grasping the function and derivative concepts covered in the course.

Browse courses on Algebra

Show steps

Review linear equations and inequalities.
Practice solving quadratic equations.
Familiarize yourself with polynomial functions.

Review 'Mathematics for Economists' by Simon and Blume

Show steps

Supplement the course material with a widely-used textbook that provides a more rigorous and comprehensive treatment of the mathematical concepts.

View Exam Prep for Mathematics for Economists by... on Amazon

Show steps

Read the chapters on functions and derivatives.
Work through the examples and exercises.
Refer to the book for clarification on difficult concepts.

Practice Derivative Calculations

Show steps

Reinforce your understanding of derivative rules by working through a series of practice problems.

Show steps

Find online resources with derivative practice problems.
Work through problems involving power rule, product rule, quotient rule, and chain rule.
Check your answers and review the steps for incorrect solutions.

Three other activities

Expand to see all activities and additional details

Show all six activities

Review 'Essential Mathematics for Economic Analysis' by Sydsaeter and Hammond

Show steps

Use a popular textbook to reinforce the mathematical concepts and see how they are applied in economic analysis.

View Essential Mathematics for Economic Analysis on Amazon

Show steps

Read the relevant chapters on functions and derivatives.
Work through the examples and exercises in the book.
Compare the book's explanations with the course material.

Explain Economic Applications of Derivatives

Show steps

Solidify your understanding of derivatives by creating a presentation or short video explaining how derivatives are used in economics.

Show steps

Choose an economic concept that uses derivatives (e.g., marginal cost, elasticity).
Research the concept and how derivatives are applied.
Create a presentation or video explaining the concept and its mathematical foundation.
Share your presentation or video with classmates for feedback.

Model Monopoly Behavior

Show steps

Apply your knowledge of derivatives to model the behavior of a monopoly and analyze its profit-maximizing decisions.

Show steps

Research the economic theory of monopoly.
Create a mathematical model of a monopoly's cost and revenue functions.
Use derivatives to find the monopoly's profit-maximizing output and price.
Analyze the effects of different cost structures on the monopoly's behavior.

Career center

Learners who complete Mathematics for Economics - Functions and Derivatives will develop knowledge and skills that may be useful to these careers:

Economist

As an economist, you will analyze and forecast economic trends, advising organizations and governments. This course helps build a foundation in the mathematical tools essential for economic analysis. You will learn about functions and derivatives, which are used to model and understand economic phenomena, such as demand-supply dynamics and market equilibrium. Understanding materials such as IS LM models, and price discrimination are essential, and you will better understand these after taking this course. The course provides intuition behind mathematical concepts, making it especially helpful if you want to strengthen your analytical capabilities as an economist.

See salaries and explore the career path for Economist

Professor of Economics

A professor of economics teaches economic principles and conducts research in the field. Typically a PhD is required, and a master's degree is a minimum requirement. This course helps to build a foundation in essential mathematical concepts. This course on functions and derivatives helps to solidify the knowledge needed to teach economics effectively. You will find this course helpful if you want to enter academia and become a professor of economics.

See salaries and explore the career path for Professor of Economics

Quantitative Analyst

A quantitative analyst, often called a quant, develops and implements mathematical models for financial markets. This course helps build a foundation for understanding the mathematical underpinnings of these models. With the material on functions and derivatives, you'll gain insights into how these concepts are applied in finance to analyze risk, price derivatives, and optimize investment strategies. The course's focus on building intuition behind mathematical concepts is helpful for a career as a quantitative analyst, since this career requires the manipulation of mathematical concepts.

See salaries and explore the career path for Quantitative Analyst

Policy Analyst

As a policy analyst, you will research and analyze policies, providing recommendations to governments and organizations. This course will help build skills in the mathematical tools used in policy modeling. You will study functions and derivatives, which are important for understanding the effects of policy decisions and their economic impact. In particular, the course's focus on IS LM Models and market structures may be crucial when you analyze policy.

See salaries and explore the career path for Policy Analyst

Financial Analyst

As a financial analyst, you will evaluate financial data, providing guidance to businesses and individuals in making investment decisions. This course helps build skills in the mathematical concepts used in financial modeling. Topics covered include functions and derivatives, which are relevant for understanding financial markets and creating predictive models. The derivative algebra introduced in this course is useful for economic concepts. This course is useful for understanding mathematical concepts.

See salaries and explore the career path for Financial Analyst

Market Research Analyst

A market research analyst studies market conditions to examine potential sales of a product or service. This course helps build an understanding of the mathematical tools used in market analysis. This course introduces you to functions and derivatives for understanding market behaviors. In particular, the course will deepen your understanding of the importance of demand supply analysis and market equilibrium. This course may be useful for those who analyze market trends and assess consumer behavior as a market research analyst.

See salaries and explore the career path for Market Research Analyst

Research Assistant

A research assistant supports research activities in academic or industry settings. This course enhances analytical skills, particularly in mathematics. This course introduces you to functions, derivatives, and economic models. This course will be especially useful if you require a deeper understanding of demand supply analysis. This may be a helpful course if you want to work as a research assistant.

See salaries and explore the career path for Research Assistant

Actuary

Actuaries assess and manage financial risks, often in the insurance and finance industries. This course may be useful to learn the mathematical principles underlying risk modeling. With an introduction to functions and derivatives, you will be more prepared to model and forecast future events. You will find the course helpful particularly if you need further work on your derivative algebra. If you are an aspiring actuary, this course may be helpful to you.

See salaries and explore the career path for Actuary

Budget Analyst

Budget analysts help organizations manage their finances by preparing budget reports and monitoring spending. This course helps build a foundation in the mathematical concepts used in financial planning. With an understanding of functions and derivatives, you will better understand the economic principles behind financial forecasting and budgeting. If you are an aspiring budget analyst, then this course may be helpful.

See salaries and explore the career path for Budget Analyst

Business Intelligence Analyst

Business intelligence analysts use data to identify trends and insights that can improve business decision making. The functions and derivatives that you will study in this course are useful for making informed decisions. You will study topics such as Demand Supply Analysis, in addition to Monopoly and Price Discrimination. This course may be useful for aspiring business intelligence analysts.

See salaries and explore the career path for Business Intelligence Analyst

Management Consultant

Management consultants advise organizations on how to improve their performance and efficiency. This course may be useful since it will help you approach business problems with a strong analytical background. This course introduces you to functions and derivatives, concepts used in optimization and decision making in businesses. Moreover, understanding IS LM Models may be helpful. If you are an aspiring management consultant, this course may be useful.

See salaries and explore the career path for Management Consultant

Investment Banker

Investment bankers help companies raise capital by issuing stocks and bonds, as well as advising on mergers and acquisitions. This course may be useful for building skills in the mathematical concepts used in financial modeling and analysis. The functions and derivatives you will learn will help you understand how to evaluate investment opportunities. This course may be useful, especially if you need work with your derivative algebra.

See salaries and explore the career path for Investment Banker

Data Scientist

A data scientist collects, analyzes, and interprets large datasets to identify trends and insights. This course helps to build a foundation in the mathematical concepts used in data analysis. The skills learned in this course may be useful for creating models to understand complex datasets. You will find the introduction of functions and derivatives useful, and this course may be for you if you wish to become a data scientist.

See salaries and explore the career path for Data Scientist

Underwriter

Underwriters assess the risk of insuring individuals or assets, determining the terms and conditions of insurance policies. By taking this course, you may better understand the mathematical tools used in risk assessment and modeling. You will be introduced to the study of functions and derivatives, which are used to model and forecast potential losses. If you are an aspiring underwriter, this course may be helpful.

See salaries and explore the career path for Underwriter

Real Estate Analyst

Real estate analysts evaluate properties and market conditions to provide recommendations on buying, selling, or managing real estate investments. This course may be useful for understanding the economic principles that drive real estate markets. With your study of functions and derivatives, you may be able to better model market trends. This course may be useful if you are an aspiring real estate analyst.

See salaries and explore the career path for Real Estate Analyst

Mathematics for Economics - Functions and Derivatives

What's inside

Learning objectives

Syllabus

Traffic lights

Save this course

Reviews summary

Foundational math for economics beginners

Activities

Career center

Reading list

Share

Similar courses