Description:

This book is designed to present the fundamental mathematical tools employed in economic analysis in a clear and accessible manner. It aims to assist students particularly those without a strong background in mathematics in developing an understanding of how mathematical techniques can be systematically applied to explain, analyze, and interpret economic theories.

The book begins with an introduction to the idea of mathematical economics and explains how it differs from econometrics, thereby setting a clear conceptual foundation. In addition to that, preliminary concepts are also discussed. The book then covers essential basic mathematical concepts such as set theory, functions, and their graphical representation, which are crucial for understanding the subsequent chapters.

Building on these foundations, the book explores calculus and its applications in economics, such as unconstrained and constrained optimization. Furthermore, the book devotes dedicated chapters to the application of calculus in key areas of microeconomic theory, including consumer behaviour, producer behaviour, and the analysis of different market structures.

A separate chapter on game theory is also included with the concept of Nash equilibrium, which provides insights into strategic interactions among firms. The final chapter introduces Linear Programming Problems (LPP) and demonstrates their usefulness in solving optimization problems in economics.

KEY FEATURES

• Detailed inclusion of preliminaries and essential mathematical concepts

• Reader-friendly approach through step-by-step explanations

• Dedicated chapters combining economic theories and mathematical techniques

• 250+ solved numerical examples and chapter-end exercises for self-assessment

• Comprehensive coverage aligned with academic curricula needs and various competitive examinations

TARGET AUDIENCE

• B.A. (Hons.) Economics

• M.A. in Economics