ECO1102 Introduction to Mathematics and Statistics for Economics

The use of mathematical ‘language’ plays a central role in economic analysis. Owing to its precision and conciseness, mathematics finds wide application in economics. Economists use mathematical symbols while stating problems and also draw upon known mathematical theorems to aid in reasoning. At a foundation level, therefore, students are supposed to be acquainted with mathematical tools and principles. This course covers the review of elementary mathematics, number system, sets and relations, system of equations and inequalities, matrix algebra, differential and integral calculus, basic statistics, and the application of each aspect in economics. It aims at providing students with the knowledge of mathematics and statistics which can be applied in modern economics.  

Course Objectives

Introduction to Mathematics and statistics for Economics aims to develop students’ mathematical and statistical ability up to the level required for a general economics degree course. To achieve this, aim this course has the following objectives. To:

• Introduce students to the basic arithmetic tools used in economics and statistical principles and tools. 
• Train students in techniques of developing mathematical arguments and construction of proofs. 
• Guide students on construction and analysis of economic relationship between variables.  
• Provide knowledge of how to use calculus in economic optimization. 
• It is meant to provide learners with the basic methods of descriptive statistical analysis.
• Provide the initiation of inferential statistical analysis  
• Introduce regression, correlation analysis and probability theory.

Course Learning Outcomes
At the end of the course in Introduction to Mathematics for Economists, all students should have skills to: 

• Solve algebra problems using matrices and systems of equations.  
• Demonstrate the use of differentiation and integration as tools of economic optimization: understand derivatives, differentials and total and partial derivatives. 
• Articulate the basic statistical concepts and the main approaches involved in describing data sets: calculate and interpret different measures of descriptive statistics.
• Define and estimate probability measure of the different probable outcomes