Course Title: Mathematics for the Social Sciences 1
Course Code: ECON 1003
Credits: 3
Level: 1
Prerequisite (s): IYMS 1001
Course Description
This Course is designed to build on students’ understanding of elementary mathematics and to expose them to some of the mathematical concepts that will be used in the study of various models in economics and management sciences. It begins with the topic of functions and moves seamlessly into equations and inequalities. These draw on the student’s prior experience in areas of algebra and coordinate geometry. It then moves the equally interesting area of sequences. This is followed by some matrix algebra then into the topic of limits and continuity, it ends with differentiation with some applications to the social sciences.
Emphasis will be placed on the understanding and application of mathematical concepts rather than on computational skills, the use of algorithms and the manipulation of a formula.
Course Objectives
At the end of the course, learners will be able to:
Knowledge
- Identify the appropriate functions, equations and sequences which are to be used in problem solving in the Social Sciences.
- Manipulate mathematical symbols and terminology to represent information in narrative form to aid the understanding of these symbols by various audiences.
- Distinguish among the different types of matrices, such as singular and non-singular, triangular and diagonal, symmetric and non-symmetric, square and non-square, identifying the peculiar qualities of each during problem solving.
- Derive equations and inequalities from narrative form so that they can be solved algebraically.
- Write a linear system of equations in matrix form as a simple way to represent multiple linear equations before solving them using a matrix approach.
- Find and classify extreme points of a function for the purpose of identifying what represents a minimum, a maximum or a point of inflexion.
- Determine continuity or discontinuity of a function throughout its domain, since some functions are not defined for all real numbers.
- Solve a system of simultaneous equations with 3 variables using matrix inversion and the Cramer's Rule.
- Compute one-sided and both-sided limits of functions
- Compute and interpret the value of the derivative of a function
Skills
- Apply mathematical functions to problem solving in areas of demand and supply, rates of growth, depreciation and production levels in business settings
- Use solutions to linear, quadratic, exponential and logarithmic equations to determine market equilibrium price and quantity.
- Derive solution sets of a system of inequalities to determine the feasibility of business solutions given resource constraints.
- Solve systems of inequalities by the use of the graphical method to assist with decision making on options for profit maximization in business and industry.
- Perform a range of matrix operations for solving problems.
- Solve problems involving rates of change and marginal change by the use of derivatives
Attitudes
- Value the application of logical thinking strategies when solving mathematical problems
- Show appreciation for the use of the logical approach to mathematical problem solving in the Social Sciences
