Instructor: John Mackenzie (johnmack@udel.edu)
Office: 215 Townsend Hall; 302-831-1312
Office Hours: Thursdays 1-2PM or by appointment.
Course Description: This course will train students in the basic quantitative (mathematical and statistical) methods of applied economics. It will introduce the specification and testing of economic hypotheses in linear models and develop the foundations of marginal analysis in calculus.
There is no textbook to buy. (There is no suitable math econ textbook for undergraduates, so Dr. Hyde, the regular instructor for this course, is taking a sabbatical to write one.) You must attend class regularly in order to keep up with the course material. I will give you handouts and frequent in-class and homework exercises. You must turn in your homeworks on time; late work will not be accepted. Half of your course grade will be based on homework exercises; the other half on exams. You are free to consult with me or other students on homework problems, but the homeworks are not group projects. What you turn in must be your own work!
Tentative Class Schedule
| Date | Topic | Homework | |
| 1 | R 9/4 | introduction; why math econ? review of basics; indices | |
| 2 | T 9/9 | review: linear demand; elasticities; market equilibrium; utility | HW1 |
| 3 | R 9/11 | single-input production model |
|
| 4 | T 9/16 | single-input production model, cont. |
HW2 |
| 5 | R 9/18 | intro to linear regression |
|
| 6 | T 9/23 | specification and interpretation of regression models | |
| 7 | R 9/25 | quadratic and polynomial functions in economics | HW3 |
| 8 | T 9/30 | rates of change and tangency; derivative rules |
|
| 9 | R 10/2 | applications of derivatives in economics |
|
| 10 | T 10/7 | microcomputer lab session #1 / review problems |
review problem
set #1 |
| 11 | R 10/9 | microcomputer lab session #2 / review problems |
review problem set answers |
| 12 | T 10/14 | exam review session |
|
| 13 | R 10/16 | EXAM #1 | exam answers |
| 14 | T 10/21 | unconstrained optimization--max profit, etc. |
|
| 15 | R 10/23 | back-of-the-envelope analysis of US
sugar policies |
HW4 |
| 16 | T 10/28 | multivariate models and partial derivatives | |
| 17 | R 10/30 | intro to the Lagrangean |
|
| 18 | T 11/4 | constrained optimization--min cost; max utility subject to
budget, etc. |
HW5 |
| 19 | R 11/6 | intro to matrices | |
| 20 | T 11/11 | matrix inversion | HW6 |
| 21 | R 11/13 | catch-up session |
|
| 22 | T 11/18 | intro to integrals | |
| 23 | R 11/20 | integrals and time horizons in economics; discounting | HW7 |
| 24 | T 11/25 | exhaustible resources and Hotelling's rule |
|
| 25 | T 12/2 | dynamic resource depletion model |
HW8 |
| 26 | R 12/4 | exam review session |
|
| 27 | T 12/9 | EXAM #2 |