Major elective · Economics · Semester 5 · TY BA · 4 credits · 100 marks · 60 hours
Module 1: Basic Mathematical Concepts (15 Hours)
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Meaning, Nature and scope: Numbers, sets, intervals, inequalities- Functions: Types and economic applications- Limits and continuity of functions- Economic applications: Demand and supply functions, elasticity, marginal concepts.
Module 2: Differential Calculus and Applications in Economics (15 Hours)
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Meaning and numerical examples: Rules of differentiation, Higher-order derivatives, Maxima and minima of single-variable functions, Curvature and convexity/concavity. Applications to economics: Profit maximization, Cost minimization, Revenue and price elasticity, Equilibrium analysis.
Module 3: Multivariable Calculus in Economic Analysis (15 Hours)
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Meaning, importance and applications: Partial derivatives, total differentiation and the Chain Rule, Homogeneous functions and Euler’s theorem. Economic applications: Production functions (Cobb-Douglas), Returns to scale, Marginal Rate of Technical Substitution (MRTS), Multivariable optimization
Module 4: Optimization Techniques (15 Hours)
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Meaning, nature and scope: Lagrangian method, Applications to consumer utility maximization, Applications to producer cost minimization and profit maximization- Formulation of linear programming problems- Graphical method- Applications in production, input choice, transportation- The use of optimization techniques in economic analysis.
Reference Books
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1
Bose, D. (2025). Mathematical Economics (2 nd ed.). Himalaya Publishing House.
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2
Chiang, A. C., & Wainwright, K. (2013). Fundamental methods of mathematical economics (4th ed.). McGraw-Hill.
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3
Dowling, E. T. (2012). Introduction to Mathematical Economics (4 th ed.). McGraw-Hill Education.
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4
Dr. B. N. Gupta & Dr. Shiv Narayan Gupta. (2021). गणितीय अर्थ शास्त्र (Mathematical Economics). SBPD Publications.
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5
Mukherji, B., & Pandit, V. P. (1982). Mathematical Method of Economic Analysis. Allied Publishers
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6
Shevale, Anand, and Vishal Belure (2022), ‘Gaṇitīya Arthaśāstra va Arthamiti’ (गणितीय अर्थशास्त्र व अर्थणिती), Vidya Books.
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7
Yamane, T. (1973). Mathematics for economists: An elementary survey (2nd ed.). Prentice-Hall.
