Applied Microeconomics and Mathematics in Business

Study Course Description

Course Description Statuss:Approved

Course Description Version:8.00

Study Course Accepted:02.02.2024 12:29:19

Study Course Information
Course Code:		SBUEK_178		LQF level:		Level 6
Credit Points:		4.00		ECTS:		6.00
Branch of Science:		Economics; Microeconomics		Target Audience:		Business Management
Study Course Supervisor
Course Supervisor:		Irina Možajeva
Study Course Implementer
Structural Unit:		Faculty of Social Sciences
The Head of Structural Unit:
Contacts:		Dzirciema street 16, Rīga, szfrsu[pnkts]lv
Study Course Planning
Full-Time - Semester No.1
Lectures (count)		21	Lecture Length (academic hours)		2	Total Contact Hours of Lectures		42
Classes (count)		21	Class Length (academic hours)		2	Total Contact Hours of Classes		42
Total Contact Hours								84
Part-Time - Semester No.1
Lectures (count)		7	Lecture Length (academic hours)		2	Total Contact Hours of Lectures		14
Classes (count)		7	Class Length (academic hours)		2	Total Contact Hours of Classes		14
Total Contact Hours								28
Study course description
Preliminary Knowledge:
Seconary education and interest in subjects like Basic Economics and Elementary Mathematics.
Objective:
The course aims to provide an idea of what the economy and the economist are and to impart knowledge of the methods of higher mathematics related to solving various problems of economic nature. To form a notion of the possibilities for mathematical modelling and analysis of economic and business management situations. There will be an opportunity to calculate limited business resources and take decisions in market economy conditions. A closer understanding of the fundamentals of the welfare economy and their role for sustainable growth will lead to better understanding of the role of public administration in economic processes.
Topic Layout (Full-Time)
No.	Topic			Type of Implementation		Number	Venue
1	Macroeconomic Issues. Measuring macroeconomic performance.			Lectures		1.00	auditorium
				Classes		1.00	computer room
2	The different approaches to measuring GDP. Macroeconomic indicators.			Lectures		1.00	auditorium
				Classes		1.00	computer room
3	Demand and supply.			Lectures		1.00	auditorium
				Classes		1.00	computer room
4	Expenditure and equilibrium output.			Lectures		1.00	auditorium
				Classes		1.00	computer room
5	Unemployment, inflation, and long-run growth.			Lectures		1.00	auditorium
				Classes		1.00	computer room
6	Types of unemployment. Measuring inflation. Inflation and the distribution of income.			Lectures		1.00	auditorium
				Classes		1.00	computer room
7	The Business cycle, inflation and deflation.			Lectures		1.00	auditorium
				Classes		1.00	computer room
8	Fiscal policy.			Lectures		1.00	auditorium
				Classes		1.00	computer room
9	Fiscal policy and aggregate demand. Using fiscal policy to stabilize the economy.			Lectures		1.00	auditorium
				Classes		1.00	computer room
10	The Money supply. How banks create money. The money market.			Lectures		1.00	auditorium
				Classes		1.00	computer room
11	Monetary policy.			Lectures		1.00	auditorium
12	The Effects of monetary policy for business activity. Monetary policy in the dynamic aggregate demand and aggregate supply model.			Classes		1.00	computer room
13	Sets, their classification. Venn diagrams. Operations on Sets			Lectures		1.00	auditorium
				Classes		1.00	computer room
14	Predicate logic and quantifiers			Lectures		1.00	auditorium
				Classes		1.00	computer room
15	Determinants. Matrices, operations with them			Lectures		1.00	auditorium
				Classes		1.00	computer room
16	Concept of a one-factor function, properties of functions			Lectures		1.00	auditorium
				Classes		1.00	computer room
17	Concept of function boundary, continuous, interrupted functions			Lectures		1.00	auditorium
				Classes		1.00	computer room
18	Calculation of the indefinite integral. Integration technique			Lectures		1.00	auditorium
				Classes		1.00	computer room
19	Multivariate functions			Lectures		1.00	auditorium
				Classes		1.00	computer room
20	Calculation of the indefinite integral. Integration technique			Lectures		1.00	auditorium
				Classes		1.00	computer room
21	Calculation of the definite integral. False integrals			Lectures		1.00	auditorium
				Classes		1.00	computer room
22	Concepts of financial mathematics. Annuity. Loans			Lectures		1.00	auditorium
				Classes		1.00	computer room
Topic Layout (Part-Time)
No.	Topic			Type of Implementation		Number	Venue
1	Macroeconomic Issues. Measuring macroeconomic performance.			Lectures		1.00	auditorium
				Classes		1.00	computer room
2	The different approaches to measuring GDP. Macroeconomic indicators.			Lectures		1.00	auditorium
				Classes		1.00	computer room
4	Expenditure and equilibrium output.			Lectures		1.00	auditorium
				Classes		1.00	computer room
6	Types of unemployment. Measuring inflation. Inflation and the distribution of income.			Lectures		1.00	auditorium
				Classes		1.00	computer room
7	The Business cycle, inflation and deflation.			Lectures		1.00	auditorium
				Classes		1.00	computer room
8	Fiscal policy.			Lectures		1.00	auditorium
				Classes		1.00	computer room
20	Calculation of the indefinite integral. Integration technique			Lectures		1.00	auditorium
				Classes		1.00	auditorium
Assessment
Unaided Work:
Practical exercises and tests during seminars, home assignments, summaries, case study reports, kahoot tests.
Assessment Criteria:
35% of the final grade consists of interim assessment in Mathematics: all practical work completed, theory acquired and a report. 35% of the final grade is comprised of the following Microeconomic assessments: 1. Timely submission of ten summaries (each 3 – 5 pages) covering calculations and graphic visualisation of problems: 10% 2. Case study report – independent work with the problem of microeconomic theory, offering examples and case studies: 10% 3. Completion of ten tests and assignments during seminars: 12.5% 4. Participation in classes and seminars: 2.5% 30% consists of Exam (combining Mathematics and Microeconomics) – a written online exam (multiple-choice and open questions).
Final Examination (Full-Time):		Exam (Written)
Final Examination (Part-Time):		Exam (Written)
Learning Outcomes
Knowledge:		Upon completion of study course students will have acquired knowledge of higher mathematics. They will have gained an in-depth understanding of the price theory, in-depth computation of price in different markets.
Skills:		Hands on exercises develop students' ability to use the price theory in everyday practice and facilitate critical thinking in decision-making process. Summaries enhance students’ writing skills and provide an opportunity to work with various information sources. Students will be able to create and solve linear equation systems, work with matrices, study functions and solve problems in financial mathematics.
Competencies:		The ability to define, plan, calculate and graphically visualise resources from the price theory perspective, including market construction. Students will be able to classify clusters, perform economic interpretation of matrices, explain function research algorithm and define concepts of financial mathematics.
Bibliography
No.	Reference
Required Reading
1	Perloff, J. Microeconomics. 6th edition. Pearson, 2012. Pp. 699.
2	Mankiw, N.G. Microeconomics. New York: Worth Publishers, 2009.
3	Greenlaw, S. and Taylor, T. Principles of Microeconomics. OpenStax, 2017. Pp. 561
4	Hefferon, J. Linear algebra.
5	Ruckman, C., Francis, J. Financial Mathematics. A Practical Guide for Actuaries and other Business Professionals
Additional Reading
1	Piketty, T. Capital in the Twenty-First Century. Harvard University Press, 2013. Pp. 696.
2	Ross, S., Westerfield, R. and Jaffe, J. Coporate Finance. Irwin, 2002. Pp. 899.
3	Nash, J. and Neumann, J. Game theory online materials.
4	Mizrahi, A. and Sullivan, M. Mathematics for Business and Social Sciences. Wiley&Sons, 1998, 696.p.
Other Information Sources
1	OECD library
2	World Bank database and reports
3	European Commission ameco online database and reports
4	IMF database and reports
5	Eurostat database