MMEC-1020 – Mathematical Methods for Economics-II

B.Sc. (Hons.) Economics – Fall 2024

Course Information

Course Duration: 15 weeks

Credit Hours: 4
Meetings: Tuesdays, 2.00 – 3.30 pm, Thursdays, 3.40 – 5.10 pm
Location: T3- M45
Prerequisites: Introduction to Mathematics and Mathematical Methods for Economics-I
Equivalent Courses: Advanced Mathematical Tools (ADMT-3052), BA(H) Economics 3-year
programme
Exclusive Courses: None

Instructor Information

Instructor: Shivangi Chandel

Biography: https://scholars.jgu.edu.in/display/n1412 ;
Email: [email protected]
Phone: 8396901432
Office: 23 West, 6th floor, FOB
Office Hours: TBA
Homepage: https://scholars.jgu.edu.in/display/n1412 ;
1. Course Description

The course consists of two Modules introducing students to topics in Linear Algebra and Real
Analysis. The only way to learn Mathematics is by doing. Therefore, our aim in this course is to
dive deeper into selected topics rather than skim through a vast selection of topics. To this goal,
the course helps students understand and appreciate the subtleties of a truly rigorous mathematical
concepts and proof. They are walked back to the earliest form of mathematics, to counting i.e. to
Natural Numbers and their properties. The concepts from Real Analysis and Linear Algebra are
carefully deconstructed for students to visualize Mathematics as it has evolved over many
centuries.

2. Course Intended Learning Objectives

Course Intended Learning Teaching and Learning Assessments/ Activities

Outcomes Activities
On successful completion of Lectures: The grades in this course
the course, the student will will be based on:
be able to: These are planned as
interactive sessions run with Internal Assessment
- learn to converse in the the assistance of beamer slides. (50 %):
language of mathematics. The lectures introduce students • Assignment 1 (15 %)
to the theoretical concepts from • Assignment 2 (15 %)
Real Analysis and Linear • Midterm
Algebra and their role in Examination (20 %)
developing the foundations of
Economics. The assignments will be
conducted in the form of
take-home assignments.
The midsemester
examination would be an
in-class, closed book
examination of 75 mins.

- not only understand how to Office Hours: External Assessment

“read” mathematical Instructor office hours of 90 (50 %):
arguments written by others, minutes are assigned every
but also how to “write” their week for students to clarify This is an individual
own arguments using doubts and verify solutions to assessment in the form of a
mathematics. practice problems. final examination of 3
hours following the
university norms on mode
and duration of the
examination.

- appreciate the wide-spread

use of mathematics in
formulating arguments
 during research explorations
in the realms of natural, life,
and social sciences.
- recognize that deductive
reasoning, extensively used
in the field of economics, is
synonymous with
mathematical proving.

3. Scheme of Evaluation and Grading

Evaluation breakup:

The grades in this course will be based on:

Internal Assessment
(50 %):
• Quiz 1 (15 %) –
Release date: Thursday, August 22nd, 2024
Submission date: Tuesday, August 27th, 2024, in class

• Quiz 2 (15 %) –
Release date: Thursday, September 12th, 2024
Submission date: Tuesday, September 17th, 2024, in class

• Midterm Examination (20 %) –

Thursday, October 3rd, 2024, class hours

The quizzes will be conducted in the form of take-home assignments. Late submissions will
be accepted with a deduction of 20% in maximum marks for each day it is delayed. If the
delay is more than five days after the submission date, the assignment shall not be graded.

The midsemester examination would be an in-class, closed book examination of 90 mins.

External Assessment
(50 %):

This is an individual assessment in the form of a final examination of 3 hours following the
university norms on mode and duration of the examination. Dates TBA by the university
examination office.

Grade Definition:
The course follows the grading scheme set by the university across all schools and courses. To
pass a course, the student is required to obtain a minimum of 40% marks in internal and end-term
component cumulatively AND a minimum of 30% marks in the end-semester component. The
existing grading structure for JGU/JSGP is as follows:

Percentage of Grade
marks
80 and above O
75-79.75 A+
70-74.75 A
65-69.75 A-
60-64.75 B+
55-59.75 B
50-54.75 B-
45-49.75 P1
40-44.75 P2
Below 40 Fail
Incomplete I
Pass P
Pass P#

4. Academic Integrity

Academic Honesty, Cheating, and Plagiarism:

Students are expected to adhere to the highest standards of honesty and integrity during the
examinations process. There is a no-tolerance-no-leniency policy towards students using unfair
means in class/ exams/ quizzes. For take-home internal assessments, students may work out the
problems in groups but they must write out and submit the solutions individually (i.e. no group
submissions). It is fairly apparent when solutions are blatantly copied from one another or from
the internet. On account of free-riding/plagiarism/unfair-collusion being discovered, the scores
will be downscaled as per the penalty norms set under the university’s anti-plagiarism policy.
For external assessments, the university policy towards use of unfair means shall apply wherein
the Unfair Means Committee (UMC) has the mandate to impose penalty for the end-
term/external component, including awarding Fail grade to the student found guilty of
contravention of Section 29 of the First Ordinance of O.P. Jindal Global University.

Participation/Attendance Policy:

Students are expected to attend all lectures and participate in the interactive sessions. As per the
university norms, if a student fails to maintain their attendance more than or equal to 75%, they
shall be debarred from writing the end-term examination in this course, leading to receiving Fail
grade in the course.

There is no provision for make-up reexams in this course. In the event a student is unable to
complete one of the internal components (a quiz or a midterm) due to medical or other
extenuating circumstances, the combined score achieved in the internal assessments that have
been completed shall be upscaled to reflect a score out of 50. For example, if a student has
submitted 1 quiz and written the midterm exam, then their achieved score is out of 35. If their
achieved score is x, then the upscaling formula used would be 50x/35. If a student misses all the
internal components due to medical or other extenuating circumstances, an internal assessment
shall be conducted in the form of a closed book examination of 3 hours duration or a take-home
assignment, depending upon the course instructor’s discretion. In both cases, a medical
certificate or proof of it being an exceptional case is needed.

Use of phone/ texting/ laptop:

Students may use their laptops to access reading material during lecture hours. Use of phone to
text/call during lectures is strongly discouraged. If there is an urgent call and the student must
receive it, they must receive it outside the lecture room, with the instructor’s permission.

For mid-semester examination, students are required to place bags, laptops, mobile phones,
smartwatches, or any other electronic devices, and reading or reference material of any kind
(without being instructed in the question paper) at the front of the examination hall prior to the
commencement of the exam. Possession of such materials would be deemed Use of Unfair
Means and the course instructor has the mandate to impose penalty on the student, including
awarding zero to the student. For end-semester examination, possession of laptops, mobile
phones, smartwatches, or any other electronic devices, and reading or reference material of any
kind (without being instructed in the question paper) would be considered Use of Unfair Means
and UMC has the mandate to impose penalty for the end-term/external component, including
awarding Fail grade to the student found guilty of contravention of Section 29 of the First
Ordinance of O.P. Jindal Global University.

5. Breakdown of the Syllabus

1) MODULE I: LINEAR ALGEBRA

a) Vectors : vector spaces, linear independence and dependence of vectors, basis and dimension
in 𝑅𝑛
b) System of Linear equations 𝑨𝒙 = 𝒃: elementary row operations, Gauss-Elimination
Method, Subspaces attached to matrix A, Row space, Column space, Nullspace, Affine
Subspaces, Fundamental Theorem of Linear Algebra
c) Characteristic Value Problem : Eigenvalues, eigenvectors, trace and determinant of matrix,
spectral decomposition of symmetric matrices, quadratic forms, characterization of quadratic
Forms

2) MODULE II: REAL ANALYSIS

a) Real number system: Naturals (𝑁) , Integers (𝑍) , Rational numbers (𝑄), Real numbers
(𝑅), Countable infinity of 𝑁, 𝑍, 𝑄 , Uncountable Infinity of 𝑅
b) Sequences in 𝑹: Convergence, limit, subsequence and limit points, Bounded sequence, The
least upper bound property, Monotone Convergence Theorem, Bolzano Weierstrass theorem,
Cauchy sequences
c) Euclidean Space 𝑹𝒏 : points in 𝑅𝑛 , Cartesian product, Euclidean distance, Sequences and
Convergence in 𝑅𝑛
d) Point set topology: Open balls, open sets, closed sets, Bounded sets, Compact sets, Heine
Borel Theorem

6. Course Material

Textbooks:

1) [Tao-I] Tao, Terence. Analysis I (Vol. 1). The Hindustan Book Agency. 2006.
2) [Tao-II] Tao, Terence. Analysis II (Vol. 2). The Hindustan Book Agency. 2006.
3) [Axler] Axler, Sheldon. Linear Algebra done right. 2nd edition. Springer-Verlag New York
Inc.1997.
4) [Strang] Strang, Gilbert. Introduction to Linear Algebra. 4th edition. Wellesley-Cambridge
Press.2016.
5) Hoffman, Kenneth and Ray Kunz. Linear Algebra. Pearson education Inc. 2003.
6) Hadley, G. Linear Algebra. Narosa Publishing House. Paperback - 2002.
7) Rudin, W.. Principles of Mathematical Analysis. 3rd Edition, McGraw-Hill, New York, 145.
8) Rosenlicht, M.. Introduction to Analysis. Dover Publications, Inc., New York, 1968.
9) Bartle, Robert G. and Donald R. Sherbert. Introduction to Real Analysis. 3rd edition. John
Wiley and Sons, 2000.
10) Apostol, T.. Mathematical Analysis: A Modern Approach to Advanced Calculus. MA:
Addison-Wesley, 1957.

There is a lot of material that must be covered in a short span of three months. Regular homework
(expect it at the end of every class) in the form of assigned reading and problems will be given at
the end of every lecture. As a rule of thumb, students must keep in mind that for every 3 hours of
time in classrooms, they are required to allocate 6 hours of time for self-study.

7. Session Plan

Lecture Topic Reference Approach/Pedagogy

Chapters
0th Week Basics of Mathematical Logic Handout/Slides Lectures, problem-solving,
discussions
1st Week Vector Spaces and Subspaces 1 (Axler) Lectures, problem-
solving, discussions
2nd Week Linear Independence, rank, basis 2 (Axler) Lectures, problem-solving,
discussions

3rd Week System of Linear Algebra: Row 2 (Strang) Lectures, problem-solving,

operations, Gauss-elimination Method, discussions
Row and column space
4th Week 3 (Strang) Lectures, problem-solving,
System of Linear Algebra: Affine discussions
Subspaces, Fundamental Theorem of
Linear Algebra
5th Week Eigenvalues, eigenvectors, trace and 5 and 10 Lectures, problem-solving,
determinant of matrix (Axler) discussions
6 Week Spectral decomposition, 6 (Strang) Lectures, problem-solving,
characterization of quadratic Forms discussions

7th Week Real number system Handouts/Slides Lectures, problem-solving,

discussions
8th Week Sequences in 𝑅: Convergence, limit, 6 (Tao-I) Lectures, problem-solving,
subsequence and limit points, Bounded discussions
sequence

9th Week Sequences in 𝑅: Monotone 5 and 6 (Tao-I) Lectures, problem-solving,

Convergence Theorem, Bolzano discussions
Weierstrass theorem, Cauchy
sequences

10th Week Euclidean Space 𝑅𝑛 : points in 𝑅𝑛 , Handouts/Slides Lectures, problem-solving,

Cartesian product, Euclidean distance discussions
11th Week Sequences and Convergence in 𝑅𝑛 Handouts/Slides Lectures, problem-solving,
discussions
12th Week Open balls, open sets, closed sets 12 (Tao-II) Lectures, problem-solving,
discussions
13th Week Bounded sets, Compact sets, Heine 12 (Tao-II) Lectures, problem-solving,
Borel Theorem discussions

14th Week Revision period